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Unique hydrogen shipping tanker builder Provaris Ltd (ASX:PV1) has inked an MOU with “K” LINE, a global shipping company, with the latter to offer technical advice on the project.
That advice may be needed. It’s been a jumpy few years for the company which has, in fairness, had COVID and European energy overhead to deal with. Fabrication of its hydrogen tankers recommenced in December last year.
More recently, the long-time sole-fuel-focused hydrogen logistics stock recently pondered aloud in the form of disclosure whether or not it could pivot into transporting stored carbon.
(There was also the issue when the company building its tanker originally went bankrupt, forcing Provaris to buy it out.)
While the company described its MOU as a “milestone,” maybe more sober to recognise is that Provaris has a chance at embedding itself within the early movers among hydrogen logistics players in Europe, given that jurisdiction has 2030 hydrogen import targets.
Through that lens, the company stands out – but has failed to garner meaningful liquidity in recent history as the hydrogen thematic, in a term, fell off.
“During the twelve month term of the MOU Provaris and “K”LINE will jointly evaluate the potential for further partnership or commercial structures,” the company wrote on Friday.
PV1 last traded at 1.2cps – after gaining +20% on Friday.
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