Provaris Energy (ASX:PV1) signs MOU with Norwegian Hydgrogen AS for green hydrogen projects
- Provaris Energy (PV1) signs a memorandum of understanding (MOU) with Norwegian Hydrogen AS to collaborate on green hydrogen value chain projects in the Nordics
- The companies will collaborate using Provaris’ GH2 Carriers and storage solutions, and Norwegian Hydrogen’s proposed hydrogen production and export sites
- The MOU provides a framework to jointly undertake a concept design study to review and select a site for domestic and export volumes of hydrogen
- Provaris has also joined to Norwegian Energy Partners (NORWEP) to increase market awareness and identify potential collaboration partners
- Shares in Provaris are up 11.4 per cent, trading at 4.9 cents as of 11:40 am AEDT
Provaris Energy (PV1) has signed a memorandum of understanding (MOU) with Norwegian Hydrogen AS to develop green hydrogen value chain projects in the Nordics.
The companies will collaborate, using Provaris’ GH2 Carriers and storage solutions, and Norwegian Hydrogen’s proposed hydrogen production and export sites, starting with a joint concept study due to be completed during the March quarter.
The MOU provides a framework to jointly undertake a concept design study to review identified sites, and select one suitable for domestic and export volumes of hydrogen.
It will also provide a framework to undertake a technical and economic review for the production and supply of compressed gaseous green hydrogen to nominated European ports.
The scope of the study will include renewable power supply, production of hydrogen, Provaris’ H2Neo carrier, and import infrastructure required at identified import locations.
The partners will be applying for suitable funding schemes nationally and in the European Union.
“The Nordic region offers several advantages that can include low-cost hydro power, proximity to offtake markets and supportive governments committed to supplying hydrogen to Europe,” Provaris Managing Director and CEO Martin Carolan said.
“This collaboration also has strategic alignment with the development timeline of our H2Neo carrier and validation of the increasing interest for our compressed H2 transport solution for hydrogen supply into Europe.”
To assist with increasing market awareness of compressed H2 marine transport and the identification of collaboration partners and off-take markets, Provaris has recently joined Norwegian Energy Partners (NORWEP).
The NORWEP is an organisation aiming to support and assist organisations in the internationalisation of their collective technology and industry.
Shares in Provaris were up 11.4 per cent, trading at 4.9 cents as of 11:40 am AEDT.