Provaris Energy Ltd (ASX:PV1, OTC:GBBLF, FRA:WS90) advanced several key workstreams during the March quarter, including its LCO₂ tank program with Yinson, compressed hydrogen shipping partnership with “K” LINE and prototype fabrication work in Norway.
“During the March quarter we advanced our LCO₂ tank program with Yinson into FEED Stage 2 and progressed the approvals pathway toward key mid -2026 milestones. This phase will deliver final FEED-level design inputs, a detailed cost estimate for robotic and laser-welding fabrication, and the data required to support marine class approvals,” Provaris managing director and CEO, Martin Carolan, said.
“In Norway, our robotics innovation centre continues to expand Provaris’ IP and manufacturing know-how, with continued fabrication of the H 2 prototype tank and LCO₂ test components planned to underpin final classification approvals. These deliverables position Provaris to transition from technology development to licensing and commercialisation.
“Our strategic partnerships across H₂ and LCO₂ continue to strengthen our position in large-scale shipping and storage solutions supporting the energy transition, with Europe’ s renewed focus on energy security reinforcing demand for scalable low-carbon infrastructure.”
The company said its LCO₂ tank program moved into FEED Stage 2, while its Norway-based robotics innovation centre continued fabrication of the H₂ prototype tank and planning for LCO₂ test components.
Tank program
Provaris advanced Stage 2 FEED and approvals for a 25,000 cubic metre low-pressure LCO₂ tank for Yinson’s floating storage and injection vessel, aligned with the Havstjerne CCS injection project in Norway.
Shipping
The company continued work with “K” LINE on time charter economics, financing and ownership structures for H2Neo™ carriers, with a second technical site visit to Norway planned in June.
Nordic hydrogen
Engagement continued with Norwegian Hydrogen AS and potential German offtake and infrastructure partners, alongside discussions on alternative Nordic hydrogen supply sites suitable for compressed hydrogen shipping to Germany.
Finance
Provaris completed a $1.325 million placement before costs in March. Cash at quarter-end was $1.118 million, with total available funding of $3.618 million including unused finance facilities. Operating cash outflow for the quarter was $946,000.
