Provaris engages DNV for H2Neo carrier FEED review and prototype tank construction

Provaris Energy Ltd (ASX: $PV1) has engaged leading classification society DNV to issue a Front-End Engineering Design Statement (FEED Statement) for its proprietary H2Neo carrier design and approval of its proprietary Prototype Tank. The company is set to commence the construction and testing of a Prototype Tank in Q1 CY2024, with successful completion securing all necessary design and technology development approvals to commit to shipbuilding projects for Provaris' H2Neo compressed hydrogen carriers. Additionally, a new revenue opportunity for the production and sale of small-scale tanks is now under development for late CY2024.

Executive Commentary on Provaris' Engagement with DNV

The Prototype testing program is an exciting phase of our technical and H2Neo approvals program. We continue to see an increasing demand for safe and cost-effective solutions to store and transport gaseous compressed hydrogen, and to be able to validate our proprietary solution through Prototype testing can be a game changer to unlocking a significant market opportunity. Our focus has been to establish a strong team of contributors and partners on this journey, and the engagement of DNV will further strengthen the N2Neo Class approval.

Summary of Provaris' Engagement with DNV

Provaris Energy Ltd has engaged DNV to review and approve its proprietary H2Neo carrier's proprietary hydrogen cargo containment system. The company is on track to commence the construction of a Prototype Tank in Q1 CY2024, with completion expected by the end of Q2 CY2024. The successful completion of the Prototype Tank testing will secure all necessary design and technology development approvals to commit to shipbuilding projects for Provaris' H2Neo compressed hydrogen carriers. Additionally, Provaris is exploring a new revenue opportunity for the production and sale of small-scale tanks, with planning underway to confirm construction time and costs for 1-tonne capacity tanks based on the Prototype Tank design. Subject to the successful completion of the Prototype Tank, the production and sale of tanks could provide Provaris with an early revenue and cash generating business in late calendar year 2024.