Provaris’ compressed hydrogen carriers considered as potential pathway to import green hydrogen to Europe
Highlights:
- Uniper to evaluate the supply of green hydrogen to Germany using Provaris’ compressed hydrogen H2Neo carriers.
- Compression offers a flexible and energy efficient delivery model for the regional supply of ‘gaseous’ pipeline ready green hydrogen as one alternative to support of Germany’s ambitions for decarbonisation of industry and energy security.
21 December 2023, SYDNEY: Provaris Energy Ltd (ASX.PV1, Provaris, or the Company) has entered into a non-binding Memorandum of Understanding (MOU) with Uniper Global Commodities SE (Uniper), an international energy company that operates approximately 22.5 GW of generation capacity in Europe.
Provaris and Uniper will work together to qualify the technical, operational, and economic benefits of Provaris’ H2Neo carriers and compressed hydrogen supply chain.
The supply of green hydrogen is key to energy security and decarbonization ambitions for German industrial sectors and the energy generators. The development of a national hydrogen infrastructure is of great importance for the competitiveness of the German economy and central to achieving decarbonisation targets.
Uniper is systematically evaluating a portfolio of alternatives and opportunities for hydrogen along the entire value chain, from production and trading to transport, storage and distribution.
Provaris’ Managing Director and CEO, Martin Carolan, added: “Our focus on the development of regional supply chains provide a practical and relevant delivery model, providing flexibility to a portfolio of hydrogen import alternatives required for Germany. Provaris continues to gain the attention of industrial users in Germany due to an increased understanding of the benefits of compression that include a focus on capital and energy efficiency.
The term of the MOU is for twelve (12) months.
Figure 1: Illustration of Provaris’ H2Neo Compressed Hydrogen Carrier and the H2Leo Barge Storage for continuous loading of hydrogen
This announcement has been authorised for release by the CEO of Provaris Energy Ltd
For further information please contact:
Norm Marshall
Company Secretary
+61 481 148629
Martin Carolan
Managing Director & CEO
+61 404 809019
Melanie Singh
NWR Communications
+61 439 748 819
Perth | Sydney | Oslo
About Provaris Energy
For more information: www.provaris.energy
Provaris Energy Ltd (ASX: PV1) is an Australian public company developing a portfolio of integrated green hydrogen projects for the regional trade of Asia and Europe, leveraging our innovative compressed hydrogen bulk storage and carrier. Our focus on value creation through innovative development that aligns with our business model of simple and efficiency hydrogen production and transport can establish an early-mover advantage for regional maritime trade of hydrogen and unlock a world of potential. In August 2022 Provaris Norway AS was established to advance the development of regional hydrogen supply in Europe.
Disclaimer: This announcement may contain forward looking statements concerning projected costs, approval timelines, construction timelines, earnings, revenue, growth, outlook or other matters (“Projections”). You should not place undue reliance on any Projections, which are based only on current expectations and the information available to Provaris. The expectations reflected in such Projections are currently considered by Provaris to be reasonable, but they may be affected by a range of variables that could cause actual results or trends to differ materially, including but not limited to: price and currency fluctuations, the ability to obtain reliable hydrogen supply, the ability to locate markets for hydrogen, fluctuations in energy and hydrogen prices, project site latent conditions, approvals and cost estimates, development progress, operating results, legislative, fiscal and regulatory developments, and economic and financial markets conditions, including availability of financing. Provaris undertakes no obligation to update any Projections for events or circumstances that occur subsequent to the date of this announcement or to keep current any of the information provided, except to the extent required by law. You should consult your own advisors as to legal, tax, financial and related matters and conduct your own investigations, enquiries and analysis concerning any transaction or investment or other decision in relation to Provaris. $ refers to Australian Dollars unless otherwise indicated.
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