Provaris Energy Ltd (Provaris, ASX.PV1) is pleased to provide an update to shareholders on the Joint Development Agreement (JDA) with Yinson Production Offshore Pte Ltd (Yinson), as announced on 1 October 2024.
Yinson has made a payment of USD 200,000 related to Technical Service Fees for Provaris’ provision of its background IP and other technical information and services for the CO2 Tank project scope of work under the JDA, which commenced in October 2024. The agreed project scope and timetable for concept design activities runs into Q1 2025 where an update will be provided in conjunction with Yinson.
Background to the JDA for new CO2 Tank design
As announced on 1 October 2024, Yinson and Provaris are jointly evaluating the technical and economic viability of adapting Provaris’ proprietary tank design for compressed hydrogen to develop innovative and cost competitive alternatives for bulk-scale storage and transport of liquid CO2. The collaboration will also assess the potential for other gases such as ammonia.
Currently, there is no ship transport of CO2 in a low pressure and temperature range suitable for long sailing distances and large cargo volumes. This collaboration aims to help develop a new CO2 Tank design solution that will address current CO2 transit and storage limitations.
The development of CO2 storage and transport infrastructure is crucial for the widespread deployment of carbon capture, which is a critical pillar in meeting global emission reduction targets. The design of bulk scale CO2 Tanks is important for maximizing the amount of CO2 that can be stored and transported in a single cargo.
Provaris is being advised by the Energy Infrastructure Group, Clarksons Norway AS.
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