Provaris Energy (previously Global Energy Ventures) passes key milestone in engineering design works for GH2 carrier.
MD Martin Carolan, Provaris managing director and CEO, said:
The design team for the GH2 Carrier continues to make excellent progress on the final design package for discussions with shipyards, an important milestone to refine our cost and schedule for construction and feed into project studies now in progress.
Provaris Energy Ltd (ASX:PV1) has advanced engineering design work to 70% for its GH2 Carrier Provaris H2Neo and this work remains on track for final delivery in June 2022.
The company’s design team has compiled several work packages to provide an updated outline specification, general arrangement drawing and other key design and engineering plans.
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Subsequently, the completed work packages are now being shared with shipyards for construction schedule and capital cost estimates, along with Class Societies as part of the approval for the construction milestone targeted for mid-2023.
“Important milestone”
“Management has recently completed a visit to Europe and the UK to market Provaris’ compressed hydrogen solution, receiving an encouraging response given our target delivery for 2026.”
“With the demand in Europe for import solutions starting from 2024-2026 the interest in transport solutions has increased given the focus on energy security and new gas infrastructure seeking approvals for gas imports required to demonstrate a hydrogen capability.”
Class approvals
Provaris has engaged ABS Consulting for gas dispersion, fire and explosion safety studies necessary to allow Class Societies to verify the safety issues of the vessel surrounding its operation, especially regarding the hydrogen storage tanks and cargo management.
Discussions with Class Societies, including the American Bureau of Shipping, are underway on the program required for engineering, risk and safety studies, and testing to achieve approval for construction in 2023.
Per Roed, Provaris chief technology officer said:
The H2Neo engineering and design is now progressed sufficiently to commence discussions with Class for the design of testing and approval for construction.
“We are also now integrating port infrastructure designs for our supply chain discussions with ports in Asia and more recently in Europe.”
Port designs
Provaris is now progressing concept designs for the export and import of hydrogen in locations that include Asia and Europe.
It is expected that a base design will be adaptable to multiple locations, with site-specific access and regulatory requirements a key requirement for customisation.
Provaris has engaged Paaras Marine Solutions, an experienced marine structural engineering company based in Singapore, to develop and assess port solutions for both the loading and unloading of compressed hydrogen using the Provaris GH2 Carriers.
The company will include outcomes in its scoping and feasibility studies which are underway and due for completion in July 2022.
Shares are trading 8.96% higher at $0.073.
About Provaris
Provaris Energy, previously Global Energy Ventures, is the leading developer of integrated compressed hydrogen projects for export to regional markets.
The company is focusing on developing green hydrogen supply chains that are simple and efficient to enable the global transport of zero-carbon energy.
Provaris has a portfolio of integrated green hydrogen projects, leveraging its innovative compressed hydrogen GH2 Carrier with a focus on value creation through innovative development that aligns with our business model of simplicity and efficiency.
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Provaris Energy passes key milestone in engineering design works for GH2 carrier, May 18, 2022
