Provaris signs second MOU for hydrogen transport, advances CO₂ storage initiatives
Provaris Energy Ltd has signed a second non-binding Memorandum of Understanding (MOU) for hydrogen supply from Norway to Germany, leveraging its proprietary compressed hydrogen carriers.
The company has also been working in collaboration with Yinson Production AS to complete the concept design for CO₂ tanks – a milestone that will facilitate the development of liquid CO₂ storage solutions for integration with fixed onshore storage, offshore floating storage, and ship transport.
In support of its Prototype Tank program scheduled for 2025, the company has secured the Fiska facility in Norway through a lease agreement.
Provaris’ managing director and CEO, Martin Carolan said.
Commencement of a second collaboration with a Norway-based hydrogen developer and German utility seeking a portfolio of supply highlights the increasing acceptance of the simplicity and efficiency of compression, compared to alternative marine transport solutions, enabling the delivery of gaseous hydrogen at a competitive price,
“The industry’s shift to realign supply and demand expectations has resulted in Provaris receiving new inbound interest for our H₂ storage and shipping solution, which can unlock scalable hydrogen development sites in close proximity to North West Europe. We are also pleased to advise that the CO₂ joint development with Yinson on a bulk-scale liquid CO₂ tank design has reached an early milestone. Both parties have agreed to accelerate the concept design into scalable storage and transport solutions in 2025.”
Collaboration reinforces Norway’s potential
The MoU with the Norway-based hydrogen developer and German utility is designed to evaluate the use of PV1’s compressed storage and shipping solutions for hydrogen transport from Norway to an import location in North-West Europe.
The collaboration highlights Norway’s position as an emerging leader in hydrogen supply for Europe’s industrial decarbonisation. It also highlights the advantages of Provaris’ compressed hydrogen solution, which delivers RFNBO-compliant gaseous hydrogen at scale and at a competitive cost while seamlessly integrating into Europe’s evolving hydrogen infrastructure.
Collaboration highlights:
- Advanced export project with bankable partners: The Norway-based export project is supported by local hydropower, abundant wind resources, secured power capacity, a power purchase agreement, and advanced zoning.
- Target supply of 30,000 tpa to a German utility: The collaboration aims to produce and supply up to 30,000 tonnes per annum (tpa) of hydrogen under long-term off-take agreements, leveraging secured renewable power that meets RFNBO standards.
- Defined near-term milestones for ‘end-to-end’ supply chain: Key milestones include a Term Sheet by June 2025 outlining the core terms for a final Hydrogen Sales & Purchase Agreement (SPA), alongside agreements on shipping and port logistics.
- Provaris to provide shipping solution: As part of its capital-lite commercial model, Provaris will develop the necessary storage and shipping infrastructure, including one H2Leo barge and up to two H2Neo carriers operating under commercial charter terms aligned with the potential off-take SPA.
Provaris and Yinson advance CO2 tank development
Provaris and Yinson Production AS have achieved a key milestone in their joint CO2 tank development program, paving the way for an expanded technical work program. The companies signed a binding Joint Development Agreement in October 2024 to progress the Concept Design phase of a new liquid CO2 tank for bulk storage and shipping applications.
With the successful completion of an initial development phase, Provaris and Yinson have agreed to advance into the next stage, which will focus on designing tanks for integration with fixed onshore storage, offshore floating storage, and ship transport solutions. The new work program is set to continue through mid-2025, with Provaris leading the CO2 tank design. Under the agreement, Yinson will fund external costs and management fees payable to Provaris, while both companies will jointly own the intellectual property (IP) developed. Future commercialisation will be subject to a technology licensing agreement.
Yinson has further strengthened its position in the carbon capture and storage (CCS) sector with the acquisition of Norway-based Stella Maris CCS. This move aligns with Yinson’s global energy transition strategy and its efforts to develop CO2 supply chains. As part of the acquisition, Yinson has also secured a 40% stake in the Havstjerne CO2 injection and storage project in the North Sea. Located 100 kilometres southwest of Egersund, Norway, the project has an estimated CO2 injection capacity of 10 million tonnes per annum (Mtpa) and was awarded up to €225 million in funding from the EU Innovation Fund in 2024.
Provaris secures lease at Fiskå site in Norway to advance prototype tank program
A Lease Agreement executed with the new owner of the Fiskå facility in Norway will ensure continued access to critical infrastructure for PV1’s prototype tank program. The leased area includes robotic laser-hybrid welding equipment previously used in prototype tank fabrication.
This facility provides the potential for expanded fabrication capacity, supporting the construction of small-scale hydrogen tanks and the possible development of pilot or prototype tanks for liquid carbon dioxide (CO₂).
The company aims to achieve all the above key milestones by mid-2025.
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Provaris signs second MOU for hydrogen transport, advances CO₂ storage initiatives, source
