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Provaris (ASX:PV1) has announced its execution of a deal alongside its Nordic partner Norwegian Hydrogen and engineering giant Uniper for hydrogen supply to Germany.
The deal sees Provaris enhancing the potential of what has long been its flagship project: the development of a hydrogen-transporting tanker.
To that end, the deal announced on Tuesday intends to see Provaris using its not-yet-complete hydrogen tanker to ship green hydrogen to Germany from Norway.
Only two months ago, the company was forced to acquire a bankrupt Dutch company integral to the hydrogen tanker’s timely development.
Uniper will assess what regulatory and engineering options are open to Provaris to achieve delivery of green hydrogen by sea to Germany.
“This collaboration highlights the business case for … a cost competitive solution to supply [best industry standard] hydrogen,” Provaris Martin Carolan said.
Norwegian Hydrogen CEO Jens Berge described their company as “[remaining] highly committed to the collaboration we’ve had with Provaris since 2022.”
What Berge is likely dogwhistling there is that once-booming market interest and enthusiasm for hydrogen has collapsed in recent years after 2021. So have the value of hydrogen-related stocks broadly.
As the COVID-19 energy crisis spread the world – but perhaps most detrimental to Provaris, smashed Europe – the far-off fuel was pushed to the very farthest backburner.
Australia’s Andrew Forrest, who was only very recently a leading advocate for the alternative fuel source, recently collapsed an entire hydrogen business back into the main fold of his foundation company – mining iron ore.
PV1 last traded at 2cps.
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