Provaris Energy Secures Funding for Marine Hydrogen Solutions Expansion
Key Ideas
  • Provaris Energy raises capital to enhance hydrogen and CO₂ infrastructure projects in Europe, focusing on maritime clean energy solutions.
  • Collaborations with Yinson and K LINE aim to advance the development and deployment of hydrogen and carbon transport technologies.
  • Prototype development for hydrogen carrier H2Neo™ and CO₂ storage tanks is underway in Norway and Malaysia, respectively.
  • Placement structure includes new shares and options, with Ethicus Advisory Partners leading the capital raise initiative.
Provaris Energy Ltd, a clean energy innovator listed on the All Ordinaries, has successfully raised strategic capital to bolster its hydrogen and carbon dioxide infrastructure projects across Europe. The company's focus lies in developing marine-based storage and transportation solutions to align with the increasing decarbonisation policies in industrial supply chains. Provaris is actively progressing the design and prototyping of its proprietary compressed hydrogen and CO₂ tank systems to offer a low-emission shipping alternative for essential energy molecules. The recent capital infusion will support the technical advancement of the H2Neo™ hydrogen carrier and the development of a CO₂ storage tank, in collaboration with Yinson Production based in Malaysia. In Norway, Provaris is advancing its hydrogen infrastructure with a prototype tank, crucial for its compressed gas shipping strategy. Additionally, a joint effort with Yinson aims to bring a dedicated CO₂ tank to market for offshore and maritime carbon capture and storage applications. Strategic collaborations with Kawasaki Kisen Kaisha Ltd (K LINE) and Yinson are pivotal for Provaris to accelerate the deployment of its hydrogen technology in Europe and Asia. These partnerships aim to address the growing demand for cost-effective clean energy delivery systems and support the transition to low-emission logistics. The capital raise involves issuing new shares and unlisted options under ASX Listing Rules, with Ethicus Advisory Partners leading the placement process. The anticipated settlement will coincide with Provaris' strategy to sustain the development momentum in hydrogen and CO₂ technologies, solidifying its position in the clean energy market.
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