Provaris Energy

Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) will use A$1.5 million raised in a well-subscribed placement to support priority business development activities in Europe related to #hydrogen and #CO₂ as well as preparations for the future restart of its prototype tank program. This share placement at A$0.02 per share was supported by institutional, sophisticated and professional investors, with 75 million new fully paid ordinary shares to be issued. The issue price represents a 5% discount to the last trade and a 10% discount to the 30-day Volume Weighted Average Price as at November 1, 2024. More at #Proactive #ProactiveInvestors #Energy #PV1 #ASX #GreenHydrogen #HydrogenShipping #CleanEnergy http://ow.ly/zzr5105O1ak

Provaris Energy secured A$1.5 million in funding to accelerate hydrogen and CO₂ development projects in Europe, including revitalizing its prototype tank program. Read more here: https://fcw.sh/nUvzbr #HydrogenNow #FuelCells #CleanEnergy #H2 #greenhydrogen #HydrogenEconomy

We have received firm commitments to raise $1.5 million (before costs) via a share placement to institutional, sophisticated, and professional investors at $0.02 per share. Proceeds of the Placement will provide funds to support priority business development activities in Europe related to both hydrogen and CO2, and preparation activities for the future restart of our prototype tank program.   Our Managing Director and CEO Martin Carolan said: “The Company is delighted with cornerstone support from a new Australian institution and international corporate investor in the Placement, and we also thank the ongoing support from existing major shareholders. "Provaris continues to advance the commercial and technical steps required for compressed hydrogen to be recognised as an enabler for regional production, storage and transport of bulk-scale hydrogen into North West Europe, addressing the industry challenges of cost, complexity and efficiency. "The recognition of our unique and proprietary solutions for storage and marine transport of gases is also creating early stage commercial pathways in the established CO2 shipping sector where the introduction of higher-volume CO2 tanks and ships can reduce the storage and shipping costs.” Read more: https://loom.ly/AN_Sv94

Provaris is pleased to release its September 2024 Quarterly Report: https://loom.ly/c2opGOY Our Managing Director and CEO Martin Carolan said: “Our achievements this quarter highlight our growing momentum and commercial success with European partners. The increasing support for Provaris aligns well with the EU's investment in low-carbon hydrogen solutions. Our focus on compression, known for its simplicity and energy efficiency, underscores its role in scaling hydrogen delivery to NW Europe, which depends on imports to meet industrial demand under tight timelines to achieve emission targets. The diversification into the CO2 supply chain will expand the reach of our unique tank IP into new commercial opportunities with the backing of a strong partner in Yinson, an industry leader in the offshore industry.”

Provaris welcomes the continued funding support from the #EUInnovationFund which has awarded grant allocation of €4.8 billion to 85 innovative projects, with #hydrogen projects making up one third of total awards across technology and production assets.

Pipelines are a key pre-requisite for the ramp up of hydrogen supply to the industrial sector, and Germany has announced the approval for a €19 billion Core Hydrogen Network to be built and operational in stages from 2025 through to 2032. With the admission that +70% of hydrogen demand to be met through imports, the connection of multiple ports to a core network is vital step forward for the growth in hydrogen suppliers, infrastructure providers and buyers to take investment decisions. Federal Minister for Economic Affairs and Climate Protection Robert Habeck said: "The Core Hydrogen Network is a prerequisite for the successful ramp-up of hydrogen, and thus for the decarbonisation and competitiveness of industry in Germany." Read more: https://loom.ly/bESH_tA

Germany continues lead the way with the roll-out of further support for heavy industry to accelerate decarbonisation, with €2.8 billion in funding to cover the ‘cost gap’ between hydrogen and existing sources of fossil fuels. The selected hydrogen projects will use the funding to decarbonise power processes, known as “climate protection contracts”, and will be important to help end-users plan for offtake volumes and costs for a fixed period of 15 years. A second round to follow will have a budget of over €10bn. Read more in H2 View: https://loom.ly/saQ2BDY

This week has been a busy week for the Provaris team, with the release of two key updates. ✅ Provaris and Yinson Production Offshore announced a binding Joint Development Agreement for the development of storage tank solutions for the bulk storage and marine transportation of carbon dioxide. Yinson and Provaris will jointly evaluate the technical and economic viability of adapting Provaris’ proprietary tank design for compressed hydrogen to develop innovative and cost competitive alternatives for bulk-scale storage and transport of compressed and liquid CO2. ✅ We also reported the preliminary results for meeting Europe’s Renewable Energy Directive II (RED II) emissions standards for bulk hydrogen shipping using our proprietary H2Neo carrier on a round-trip between Norway and Germany. Based on a round-trip schedule between Norway and Germany using the H2Neo carrier, estimated the emission level of 7.6 g CO2e/ MJ H2 was well below the 28.2 g CO2e/ MJ level required for EU REDII compliance. Hear our CEO and Managing Director Martin Carolan discuss these developments with Proactive’s Jonathan Jackson 📹 Watch the full interview here: https://loom.ly/0gYWDDQ

In September we announced the completion of our Concept Design Study for bulk-scale hydrogen export and import compression facilities. The findings of the Study reaffirmed the low energy use and low capital of our compressed hydrogen supply chain for regional marine transport of hydrogen in gaseous form. The Concept Design Study was the fourth in a series of techno-economic studies developed by Provaris, based on a 540MW capacity reservation export site, producing 10 tonnes of hydrogen per hour (equivalent to 87,000 tpa); with an intra-Europe shipping distance of 1,000 nautical miles and gaseous hydrogen delivered to the customer at 70 barg. The Study reconfirmed the superior energy efficiency and low capital cost associated with compression for marine transportation of hydrogen, and increased our confidence and understanding that many regional-European sites with a material level of renewable power reservation will significantly benefit from compression, when compared to the alternative of converting hydrogen into ammonia for marine transport. The benefits of compression include delivering more hydrogen in volume, using less capex, and boosting the financial returns to the producer whilst maintaining a highly competitive delivered cost to the customer. Hear our Product Development Director Garry Triglavcanin discuss in the video below 📺 📄 ASX release: https://loom.ly/qZcmMUs 💻 Blog: https://loom.ly/p8LoNO8

Provaris Energy and Yinson Production Offshore have signed a Joint Development Agreement to develop storage tank solutions for bulk CO2 storage and marine transport, combining Yinson's expertise in offshore production with Provaris' expertise in compressed hydrogen design. Read more here: https://fcw.sh/RqvSDG #HydrogenNow #FuelCells #CleanEnergy #H2 #HydrogenNews