Provaris Energy establishes Oslo office as launch pad to European market
From its new Norway office, Provaris will focus on commercialisation activities for its compressed green hydrogen technology.
Developer of compressed green hydrogen technology Provaris Energy (ASX: PV1) has officially established a corporate office in Oslo, Norway, as part of its strategy to expand into the European market.
The company’s chief technical officer Per Roed will be based at the Norway office, where he’ll focus on commercialisation activities for the technology.
Provaris selected Oslo as its European headquarters, because it is an established hub for gas carrier companies, ship owners, engineers and equipment suppliers.
“We are excited to have established a European subsidiary, Provaris Norway AS, and corporate office in Oslo,” Provaris managing director and chief executive officer Martin Carolan said.
“Europe is a key region of our focus for the commercialisation of integrated compressed hydrogen supply chain solutions.”
“The location of Norway is strategic, and we expect it to remain an important region long-term.”
Mr Carolan added it “makes sense” for the company to be closer to technical partners, suppliers and off-takers in Norway.
“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.”
Europe’s transition to net zero
Mr Roed noted that Europe had set hydrogen goals as part of its 2030 decarbonisation targets.
The region plans to produce at least 10 million tonnes of hydrogen and import a further 10Mt.
“Norway also has hydrogen high on their agenda, and compression is widely accepted as a means for production and distribution,” he added.
Compressed green hydrogen technology
Provaris is developing technology to facilitate its production and transport of green hydrogen.
A contract design package for the company’s first compressed hydrogen ship the H2Neo carrier is almost complete.
The H2Neo is on track for key approval milestones later this year.
To advance its compressed green hydrogen supply chain technology, Provaris closed out the June quarter with $11.5 million in the bank.