Provaris Energy Ltd (ASX:PV1) has established its European corporate office in Oslo, Norway, and registered a subsidiary known as Provaris Norway AS.
The move is designed to capitalise on Europe’s position as a key region of focus for commercialisation activities: Oslo is an established hub for gas-carrier companies, with access to ship owners, engineering companies and equipment suppliers.
The company will relocate its chief technical officer Per Roed to speed up the growth in the region.
Establishing a European subsidiary in Norway
“We are excited to have established a European subsidiary, Provaris Norway AS, and corporate office in Oslo, where the company’s chief technical officer, Per Roed, has relocated to. Europe is a key region of our focus for the commercialisation of integrated compressed hydrogen supply chain solutions,” Provaris’ managing director and CEO Martin Carolan said.
“The location of Norway is strategic, and we expect it to remain an important region long term.
“The company has experienced an increase in opportunities across many supply and demand hubs in Europe, so it makes sense to be closer to technical partners, suppliers and off-takers. This is a major reason for our focus in Europe, as it will also open up access to sources of government funding and a deeper pool of capital market participants.”
Provaris’ CTO Per Roed said of the move: “Oslo is an established hub for gas-carrier companies, with relevant ship owners, engineering companies and equipment suppliers all present. This will allow Provaris to leverage local knowledge and expertise as we grow in the years ahead.
“To help Europe’s energy crisis and meet its 2030 decarbonisation goals, the EU has a plan for the internal production of 10 million tonnes of hydrogen and the importation of another 10 million tonnes. Norway also has hydrogen high on their agenda, and compression is widely accepted as a means for production and distribution.”