It was a busy September quarter for Provaris Energy Ltd(ASX:PV1,OTC:GBBLF),which has been capitalising on European net-zero sentiment to make progress across its hydrogen supply chain and carbon capture initiatives in the September quarter.
Strong partnerships
The company deepened its collaborations and forged new connections,including a tri-party Memorandum of Understanding(MoU)with Uniper and Norwegian Hydrogen to supply green hydrogen to Germany.
Provaris also moved forward with CO₂storage and transport solutions through a new partnership with Yinson Production.
“Our achievements this quarter highlight our growing momentum and commercial success with European partners,”said Provaris managing director and CEO Martin Carolan.
“The increasing support for Provaris aligns well with the EU's investment in low-carbon hydrogen solutions.”
In alignment with the EU’s drive for renewable energy,Provaris,Uniper and Norwegian Hydrogen continue to move toward binding agreements under a collaborative MOU targeting long-term green hydrogen supply.
PV1 anticipates executing term sheets by December 2024,with binding agreements expected by June 2025.
Uniper is projected to serve as the offtaker for more than 40,000 tonnes per annum of RFNBO-compliant green hydrogen under a 10-year supply agreement,which will support long-term charters for Provaris'proprietary H2Neo carriers and H2Leo barges.
European supply chain expansion
Provaris also reported progress with Global Energy Storage(GES)on a hydrogen import terminal at the Port of Rotterdam.
The partnership focuses on developing a 40,000 tonnes per annum compressed hydrogen import project,with ongoing assessments addressing storage and pipeline capacity needs.
Provaris has facilitated discussions on the technical,safety and economic aspects of hydrogen compression with German and Spanish utility companies.
A concept design study underscored the efficiency of Provaris'compressed hydrogen approach,which demonstrated a reduction in delivery costs in the vicinity of 20%compared to ammonia-based hydrogen supply chains.
“Our focus on compression,known for its simplicity and energy efficiency,underscores its role in scaling hydrogen delivery to NW Europe,which depends on imports to meet industrial demand under tight timelines to achieve emission targets,”Carolan said.
With the EU Hydrogen Bank and H2Global Pilot allocating€1 billion towards hydrogen initiatives in 2024,Provaris’technology aligns with Europe’s push for sustainable hydrogen solutions.
Strategic CO₂partnership with Yinson
In early October,Provaris entered into a joint development agreement with Yinson Production to explore advanced solutions for CO₂storage and marine transportation,leveraging Provaris’hydrogen tank technology.
The collaboration aims to address current CO₂transport limitations by developing new tank designs optimised for large-volume storage,with feasibility studies set for early 2025.
Yinson production chief technical officer said:“We recognise the importance of carbon capture and storage in achieving global emission targets,and we're committed to playing a key role in this space.
“Our collaboration with Provaris Energy will leverage our combined expertise to develop cost-competitive and innovative solutions for CO2 storage and transportation.
“We're excited to explore the potential of adapting Provaris'proprietary tank design for compressed hydrogen to meet the needs of the growing carbon capture market.
“This collaboration is a significant step forward in Yinson Production’s plans to drive the carbon value chain.”
Carolan added:“The diversification into the CO2 supply chain will expand the reach of our unique tank IP into new commercial opportunities with the backing of a strong partner in Yinson,an industry leader in the offshore industry.”
（Picture: Veer）
