Provaris Energy and Yinson Production Joint Development Agreement

Provaris Energy Ltd (ASX:PV1) and Yinson Production Offshore Pte Ltd have announced a binding Joint Development Agreement for the development of storage tank solutions for the bulk storage and marine transportation of carbon dioxide (CO2). The collaboration aims to evaluate the technical and economic viability of adapting Provaris' proprietary technology for CO2, supporting the development of CO2 storage and transport infrastructure crucial for carbon capture deployment.

Executive Commentary on Collaboration

Lars Gunnar Vogt, Yinson Production's Chief Technical Officer, emphasized the significance of the collaboration in developing cost-competitive and innovative solutions for CO2 storage and transportation. Martin Carolan, Provaris' Managing Director and CEO, expressed excitement about the partnership and the opportunity to explore alternate pathways in the commercialization of its tank technology in partnership with an industry leader in the offshore industry.

Summary of Provaris and Yinson Collaboration

Provaris Energy Ltd (ASX:PV1) and Yinson Production Offshore Pte Ltd have entered a Joint Development Agreement to co-develop CO2 tank designs for storage and bulk marine transportation of CO2. The collaboration aims to deliver a new CO2 tank design solution and support the development of CO2 storage and transport infrastructure critical for the widespread deployment of carbon capture. The partnership will assess the technical and economic viability of adapting Provaris' proprietary technology for CO2 and aims to develop cost-effective and scalable solutions for the storage and transport of CO2. This collaboration marks a significant step forward in Yinson Production's plans to drive the carbon value chain and highlights the transferable technology and design of Provaris' proprietary tank IP and shipping solutions.