Provaris Energy to accelerate commercialisation of hydrogen carriers in Europe with new deal
Hydrogen transport solutions developer Provaris Energy (ASX: PV1) has signed a memorandum of understanding (MoU) with global shipping leader “K” LINE to progress commercialisation of its range of hydrogen carriers.
“K” LINE operates a diverse worldwide fleet of more than 400 vessels and is pursuing environmentally friendly, sustainable maritime shipping, especially in Europe.
The shipping company will provide technical, commercial and operational assistance using its accumulated knowledge and global shipping expertise to aid Provaris’ development of its hydrogen transport and storage model.
Significant milestone
Provaris chief executive officer Martin Carolan said the MoU supports the maritime industry’s aim to address Europe’s significant import demand for hydrogen and ambitious emission reduction goals by 2030.
“This MoU represents a key milestone for Provaris in the development of our regional shipping solution and development of an energy-efficient and cost-effective way to address Europe’s significant import requirement for hydrogen,” he said.
The agreement outlines a collaborative framework in which “K” LINE and Provaris will co-operate on studies and examinations regarding the continued development, construction and operation of Provaris’ H2Neo carriers and H2Leo barges.
During the 12-month term of the MoU, Provaris and “K” LINE will also jointly evaluate the potential for further partnership or commercial structures.
Hydrogen transport
Provaris is gaining an international reputation for its unique compressed hydrogen solutions, which are an efficient and low-cost method to transport gaseous hydrogen over regional shipping distances.
The H2Neo carrier is a purpose-built compressed hydrogen ship designed for regional marine transport thatt features a hydrogen-carrying capacity of up to 27,000 cubic metres, is engineered for scalable hydrogen delivery and has advanced to a FEED design class approval.
The company is developing the H2Leo barge for near-shore and port operations compressed hydrogen storage, enabling flexible last-mile delivery and terminal and distribution pipeline integration.
Both vessels meet stringent safety and emissions standards, quantitative risk assessments and emissions studies.
Yinson collaboration
Provaris announced a collaboration with Yinson Production earlier this week for the development of an innovative large-scale liquid CO₂ tank design.
The company has submitted a comprehensive design to Yinson and a marine classification society for preliminary class approval.
“The successful completion of the Phase 2 design stage, coupled with the planned establishment of a joint venture company between Provaris and Yinson, provides the focus and strategic alignment in our collaborative efforts to deliver industry-leading innovations in CO₂ storage and transport,” Mr Carolan said.