Progress update on prototype tank restart program

Provaris Energy Ltd (Provaris; ASX:PV1) has submitted a conditional offer to the secured lenders for the acquisition of the installed prototype tank 'production cell' and agreed on key terms of a lease agreement for the Fiska Facility in Norway. This strategic move aims to safeguard the investment, eliminate the need for costly relocation, and expedite the completion of the prototype tank at the Fiska Facility. The company continues to advance strategic collaborations with major European energy utilities, with meetings in Norway and site visits to the Fiska Facility planned this month.

Executive commentary on prototype tank restart program

The Board understands the concerns around protecting our investment in the prototype tank program. With this recent progress we have increased certainty that our investment remains secure, and we believe that acquiring full control of the Production Cell, including all robotic laser equipment, will be invaluable as we advance the program and explore future tank production opportunities where we have seen demand for similar scale tanks. There' is also growing regional interest in compression for hydrogen storage and transport. Provaris remains well- positioned to capitalize on this market trends. The Company's recent updates on term sheets for hydrogen supply, offtake, and shipping highlight the ongoing progress in its commercial activities.

Summary of prototype tank restart program

Provaris Energy Ltd (ASX:PV1) has made significant progress in advancing the prototype tank restart program at the Fiska Facility in Norway. The company has submitted a conditional offer for the acquisition of the prototype tank 'production cell' and agreed on key terms of a lease agreement for the Fiska Facility, aiming to safeguard the investment, eliminate the need for costly relocation, and expedite the completion of the prototype tank. Provaris continues to advance strategic collaborations with major European energy utilities and remains well-positioned to capitalize on the growing regional interest in compression for hydrogen storage and transport. The company's recent updates on term sheets for hydrogen supply, offtake, and shipping highlight the ongoing progress in its commercial activities. Provaris will keep shareholders informed as the purchase process progresses and the restart timetable is confirmed, demonstrating its commitment to securing value from the investment already made in the program.