Provaris Energy and Gen2 Energy plan to create extensive European hydrogen supply chain.
Gen2 Energy AS and Provaris Energy Ltd (ASX:PV1) have inked an ambitious collaboration agreement to develop a large-scale hydrogen supply chain across Europe.
The partnership will conduct a comprehensive pre-feasibility study (PFS) to determine the technical and economic viability of producing and supplying compressed green hydrogen from the hydrogen project in Åfjord to European ports, using Provaris’ marine storage and shipping solutions.
Ideal location for large-scale production
The two companies share the conviction that Åfjord, with its access to low-cost renewable energy and existing industrial infrastructure, is an ideal location for large-scale production of green hydrogen and subsequent supply to key European ports.
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The joint initiative will benefit from Gen2 Energy’s focus on domestic supply and export to European markets and Provaris’ expertise in providing innovative integrated bulk-scale storage and marine transportation solutions for green hydrogen.
Martin Carolan, Provaris CEO said:
We are delighted to be working with Gen2 Energy to demonstrate the suitability of Provaris’ unique solution to the production and transport of bulk-scale hydrogen from the Åfjord project.
“This collaboration will benefit from the synergies of Provaris and Gen2 Energy’s approach to using compression as an energy-efficient carrier for green hydrogen.”
“It can also demonstrate Norway’s role in delivering bulk volumes to ports in Europe that are requesting a simple and flexible solution to import pipeline-ready, gaseous green hydrogen to meet the REPowerEU ambitions for 10 million tonnes by 2030.”
Innovation in transportation
Jonas Meyer, Gen2 Energy CEO added:
For Gen2 Energy it is of key importance to build a strong and viable business case for large-scale production and distribution of green hydrogen from Norway to Europe and other parts of Norway.
“We are following closely the development of different transport solutions for hydrogen, both on sea and rail. Transport of bulk hydrogen is interesting for us to look into. We embrace innovation and flexibility in transportation.”
“Undertaking a prefeasibility study with Provaris on seaborn transport of compressed hydrogen on their GH2 Carriers will give us a good opportunity to learn more about bulk transport of hydrogen.”
“We want to be in front when it comes to effective and safe supply of large volumes of green hydrogen from Norway to Europe.”
The forthcoming prefeasibility study will cover hydrogen production and compression, the design of export and import terminals for loading and unloading the GH2 Carriers, fleet optimisation of GH2 Carriers, storage considerations, identification of prospective offtake parties, and economic models and schedules for the Åfjord hydrogen project.
Both Gen2 Energy and Provaris agree that the safe and efficient storage and transportation of hydrogen at sea will be crucial to the development and viability of the global hydrogen value chain.
Advanced portfolio of solutions
Provaris has already advanced a portfolio of hydrogen shipping and storage solutions and has received Approval in Principle (AIP) from ABS for two sizes of GH2 Carriers (H2Neo, 26,000 cubic metres, and H2Max, 120,000 cubic metres, in 2021) as well as a floating storage (H2Leo) with a design capacity range of 300 – 600 tonnes of hydrogen.
The H2Neo, intended for use in the Åfjord project, obtained design approval based on an extensive FEED package in December 2022, with final construction approval expected in early 2024.
The collaboration agreement between Gen2 Energy and Provaris is non-exclusive, allowing both parties to explore potential collaborations with other entities involved in the Åfjord hydrogen project and Provaris’ hydrogen carriers.
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Provaris Energy and Gen2 Energy plan to create extensive European hydrogen supply chain, June 29, 2023
