Provaris Energy makes headway on compressed green hydrogen shipping supply chain

Provaris Energy ASX PV1 compressed green hydrogen shipping supply chain
Provaris Energy is targeting Europe as a key market for its integrated compressed hydrogen shipping technology.

Provaris Energy (ASX: PV1) achieved a number of milestones in developing its compressed hydrogen supply chain technology during the June quarter, including advancing several opportunities in Europe.

The period saw the company lodge the referral submission for the Tiwi H2 project with the Northern Territory Environmental Protection Authority.

On the Tiwi Island near Darwin, Provaris aims to produce green hydrogen using solar energy and ship the material using its compressed hydrogen supply chain technologies.

The company plans to generate about 100,000 tonnes per annum of green hydrogen a year, which it estimates will avoid up to 1.4Mt of carbon dioxide emissions globally.

As part of this during the June quarter, Provaris advanced the project’s conceptual design, which is due for completion this month.

The conceptual design covers solar generation, transmission, hydrogen production, compression, loading and sizing and scheduling of a shipping fleet for multiple end-user markets in Asia.

Provaris has attracted the support of Austrade which assisted with outreach programs to attract hydrogen offtake, project investment and technical partners.

In the upcoming quarters, the company will continue negotiations with potential strategic partners with lead consultants expected to be appointed to begin detailed engineering and bankable feasibility studies.

Provaris is targeting initial development of the project by late next year.

HyEnergy export project

Meanwhile, work progressed on the HyEnergy export project, which is a joint venture with Province Resources (ASX: PRL) and Total Eren to evaluate exporting green hydrogen from the 8GW project in Western Australia’s Gascoyne.

Total Eren and Province plan to generate the green hydrogen at the project, and the joint venture is looking at using Provaris’ compressed hydrogen technology to ship the material to Asia Pacific markets.

During the June quarter, drafting of final study reports and public knowledge sharing documents were advanced, with these due for completion this month.

The reports will be submitted to the WA Government in August for review.

H2Neo carrier

Underpinning Provaris’ compressed hydrogen shipping solution is the design and development of its first vessels.

The contract design package for the proposed H2Neo carrier is 90% complete and the American Bureau of Shipping (ABS) has begun a review of the H2Neo engineering and design.

ABS Consulting was engaged during the June quarter to undertake dispersion, fire and explosion safety studies.

Provaris managing director and chief executive officer Martin Carolan said the H2Neo carrier was on track for key approval milestones later in 2022.

European market

While advancing its technology and projects, Provaris also continued to focus its business development activities on the European market.

The company evaluated project opportunities relating to the development and commercialisation of a compressed hydrogen supply chain in the region.

As part of this, the company has secured an office location in Oslo where its chief technical officer Per Roed will be based.

“We are excited to be establishing a European office to be closer to the new commercial opportunities under review, with Oslo being an established hub for gas-carrier companies, including ship owners, engineering companies and equipment suppliers,” Mr Carolan said.

Provaris noted the energy crisis in Europe has caused hydrogen targets to be increased. This includes demand rising to 20Mtpa of hydrogen. To meet this forecast around 10Mtpa of hydrogen is expected to be required through imports.

To continue advancing its various workstreams, Provaris remains well funded with $11.5 million in the bank at the end of the June quarter.

    Join Small Caps News

    Get notified of the latest news, interviews and stock alerts.