Provaris Energy Sets Milestone in Hydrogen Storage and Transportation

In the world of energy supply, a remarkable development is emerging: Provaris Energy has recently announced the start of manufacturing for the prototype of their innovative 'H2Neo' pressure hydrogen tank, which serves as a clear sign of their pioneering role in scaling hydrogen for the European market. The completion of the prototype and final testing are scheduled for mid-2024, with the company on track and thereby solidifying its position as a pioneer in the field. Achieving final classification by respected maritime classification societies represents not only a significant advancement for the company but also for the industry as a whole, taking an important step towards more cost-effective energy supply. Anticipated weight reductions of 30% due to design optimizations are expected to result in lower construction costs and emission values, as well as improved energy efficiency, making industrial and transportation applications safe and economically viable. The innovative tank also offers high flexibility for shipbuilders, who benefit from the reduced weight and can make final assembly more efficient. The tank is characterized by a construction of layered carbon steel with stainless steel lining and impresses with a capacity to store approximately 650 kg of hydrogen at a pressure of 250 Barg. The growing consumer interest is illustrated by the third recently signed non-binding letter of intent with a globally recognized energy company. This partnership underscores the willingness and interest in using Provaris's pressure hydrogen solutions. Another indication of the high potential of this technology is the financial support from the Norwegian Research Council under the SkatteFUNN program, which promotes research and development projects. This support reaffirms the innovative nature of the hydrogen storage solution developed by Provaris. Martin Carolan, Managing Director of Provaris, is optimistic and has high hopes for Norway's strategic location, which should benefit from the EU's growing demand for storage and transportation solutions. Carolan emphasizes that the main goal is to provide the most competitive supply of compressed hydrogen for the European market.