Provaris Energy launches H2Leo – a large-scale, floating, compressed hydrogen storage solution.
Provaris Energy Ltd (ASX:PV1) has unveiled its H2Leo gaseous hydrogen floating solution, a seaborne hydrogen compression storage technology, to complement its existing compressed hydrogen transportation solution.
H2Leo has been designed with a storage capacity of between 300 to 600 tonnes of hydrogen, expandable to up to 2,000 tonnes of storage.
The American Bureau of Shipping (ABS) has provided ‘Approval In Principal’ for the H2Leo storage solution, clearing the way for PV1 to demonstrate the effectiveness of its technology to project partners and regulatory bodies.
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Provaris expects a US$200,000 to US$300,000 per tonne capital cost for the H2Leo, a price point the company says is “significantly cheaper than onshore solutions”.
Natural extension of compressed hydrogen IP
Martin Carolan, Provaris Energy managing director and CEO said:
Provaris sees the development of a floating storage solution as a natural extension of its compressed hydrogen intellectual property (IP), providing an alternative to current high-cost bulk-scale storage solutions and improving the economics of its existing projects.
“We believe a floating storage solution will complement our pipeline of hydrogen production and transport projects and decrease timelines to first revenues and IP commercialisation.”
The difficulty and cost of storing hydrogen are among the main barriers to hydrogen’s use as a base load fuel in the global energy market.
Creating a cost-effective, environmentally friendly solution will be vital to decarbonisation and efforts to replace hydrocarbon-based fuels.
Flexible, modular storage solution
The development of H2Leo will run parallel to the remaining engineering and approvals for the H2Neo carrier, targeting prototype testing and final class approval later this year, with H2Leo set to become available in 2025.
The H2Leo is designed to enable greater flexibility and optimisation within a compressed hydrogen supply chain, specifically PV1’s hydrogen projects, and reduce the total cost of supply by providing buffer storage in export and import locations.
Per Roed, Provaris Energy chief technical officer said:
The H2Leo is a flexible hydrogen floating storage unit that can be optimised in size, capacity and operations for different applications.
“Its SIMOPs capability allows for continuous operations and it has a large working deck and hull for installing auxiliary systems such as compression and H2 bunkering.”
“Provaris is developing production capacity for cargo tanks that can be operational for floating storage by 2025 which will cater to short-term demand for storage and allow Provaris to gain operational experience and de-risk the continued development of the H2Neo carrier.”
Provaris Energy launches H2Leo – a large-scale, floating, compressed hydrogen storage solution, April 19, 2023
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