Provaris Energy, a specialist in hydrogen and carbon dioxide storage technology, has successfully raised $1.08 million to fuel its expansion plans in Europe. The funding round garnered support from institutional, sophisticated, and professional investors, including the company's directors. The capital will be utilized to advance Provaris' initiatives in hydrogen and carbon dioxide storage, as well as marine transportation in Europe. CEO Martin Carolan expressed gratitude towards new and existing shareholders, emphasizing the importance of progressing the company's priority projects. Notably, Provaris is focusing on its hydrogen and carbon dioxide storage solutions in Europe, particularly highlighting its hydrogen prototype tank program in Norway. Additionally, through a joint development agreement with Yinson Production, Provaris is developing a specialized liquid CO2 tank to cater to the rising demand in compliance with European regulations on industrial supply chains. A key development for Provaris was the agreement with Kawasaki Kisen Kaisha (‘K’ LINE) in June, marking a significant milestone towards commercializing its hydrogen carriers, such as the H2Neo carrier and H2Leo barge. This collaboration aims to provide cost-effective storage and marine transport solutions for hydrogen in Europe. Analysts predict a substantial demand for low-carbon hydrogen in Europe, with countries like Germany aiming to import a significant portion of their supply. Provaris Energy's strategic initiatives are aligned with the growing market need for innovative energy storage and shipping solutions in the region.