Provaris and Yinson Complete LCO2 Tank Design and Establish Joint Venture

Provaris has achieved a significant milestone in the collaboration with Yinson Production AS under the Joint Development Agreement for the development of an innovative large-scale liquid CO2 tank design. The Phase 2 Design Stage has been completed successfully on time and budget, culminating in the submission of a comprehensive Design to Yinson and a Marine Classification Society for preliminary Class approval.

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• Successful completion of Phase 2 Design Stage for innovative LCO2 Tank and submission to a Marine Classification Society for an approval that reinforces suitability for deployment in maritime solutions.
• Engagement and planning of an extensive FEED design stage to commence in Q3 CY2025.
• Critical point for CCS supply chains to scale, reduce costs, and meet significant increase in annual CO2 capture capacity required by 2030 and beyond.
• Formation of a joint venture company with Yinson provides strategic alignment and will capitalize on new tank designs, unlocking significant growth potential in marine and offshore markets.

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Provaris Managing Director and CEO Martin Carolan said:

‍“The partnership between Provaris and Yinson continues to rapidly advance the development of a game-changing solution for CO2 storage and transport. The successful completion of the Phase 2 Design Stage, coupled with the planned establishment of a joint venture company between Provaris and Yinson, provides the focus and strategic alignment in our collaborative efforts to deliver industry-leading innovations in CO2 storage and transport.” ‍

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‍Yinson Production AS Chief Technical Officer Lars Gunnar Vogt added:

‍“The completion of this Design stage marks a significant milestone, demonstrating the technical viability of large-scale LCO2 tanks tailored for marine and offshore applications. We’re excited by the potential this unlocks, not only for our Havstjerne CCS development project in Norway, but also for the broader decarbonisation value chain and long-term opportunities we see for Yinson.”