Global shipping company “K” LINE to accelerate Provaris’ commercialisation of hydrogen carriers

Provaris has announced the execution of a Memorandum of Understanding (MOU) with global shipping leader Kawasaki Kisen Kaisha (“K” LINE), marking a significant step toward the commercialisation of Provaris’ compressed hydrogen shipping and offshore storage solutions; specifically, Provaris’ proprietary H2NeoTM Carrier and H2LeoTM Barge.

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• MOU with global shipping leader “K”LINE to support Provaris’ commercialisation of hydrogen carriers and first-mover for maritime transport in Europe.
• “K” LINE will offer technical, commercial, and operational assistance using its accumulated knowledge and global shipping expertise to aid Provaris’ development of its hydrogen transport and storage model.
• MOU represents a significant milestone in the maritime industry’s role to address Europe’s significant import demand for hydrogen by 2030 and support ambitious emission reduction goals.

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The collaboration will support Provaris’ broader export initiatives, including the development of supply chain projects in Norway and aligns with Provaris’ MOUs signed with German utilities for hydrogen delivery. Europe is expected to require 7 million tonnes of low-carbon hydrogen, with Germany planning to import up to 70% of its supply.

The MOU scope outlines a collaborative framework in which “K” LINE and Provaris will co-operate on studies and examinations regarding the continued development, construction and operation of Provaris’ H2Neo Carriers and H2Leo Barges. During the 12 month term of the MOU Provaris and “K”LINE will jointly evaluate the potential for further partnership or commercial structures.

“K” LINE will offer technical, commercial, and operational assistance using its accumulated knowledge and global shipping expertise to aid Provaris in further developing its operational cost models, the newbuild program, and definition of charter terms, also supported by its Commercial Advisor, Clarksons Norway AS.

Provaris Managing Director and CEO Martin Carolan said:

‍“This MOU represents a key milestone for Provaris in the development of our regional shipping solution and development of an energy efficient and cost-effective way to address Europe’s significant import requirement for hydrogen by 2030. We look forward to “K”LINE’s support of Provaris’ development of export project supply chains in the Nordics.”