Provaris Energy (ASX:PV1) is one step closer to facilitating the marine transport of compressed hydrogen, announcing that it has entered the construction phase for its H2Neo prototype tank, expected to be completed by halfway through 2024.
Chiefly, this moves the Sydney-based company closer to achieving Class Approval for the H2Neo carrier – the next step after tank completion – which would mark a global achievement in bulk-scale hydrogen transportation.
However, Provaris is also looking to produce a range of smaller-scale hydrogen tanks in Norway from late this year, with these suitable for maritime bunkering and industrial storage. This represents another potential revenue stream for the company based on its developed prototype.
Provaris’ chief technical officer (CTO), Per Roed, said he believed that hydrogen tanks of high quality could be produced economically, noting the transformational nature of this achievement in terms of industrial and transportation applications.
“After significant design and testing materials and welds, and an extended period defining and optimizing the robotic production cell, we will now be able to validate our unique design work through fabrication of our first tank and testing,” Roed said.
“For the hydrogen industry to scale, there is a need for high quality carbon steel hydrogen tanks that focuses on safety in operation, whilst delivering a low-cost and energy efficient storage solution.
“Final approvals will radically advance the opportunities available to Provaris for the immediate need for industrial storage and the supply and transport of gaseous hydrogen.”
Initially formed in 2016 as Global Energy Ventures (GEV), the company initially worked towards delivery of a commercial supply chain for compressed natural gas (CNG) in various regional export markets.
However, the combined factors of falling gas rates and a global move towards clean energy guided executives towards a name change in 2022 and a new focus on developing green hydrogen supply chains.
Provaris is trading at 4c.