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Australian company Provaris Energy is becoming a vertically integrated green hydrogen producer and supplier, combining production and compressed hydrogen shipping solutions.
Provaris is also developing its 2.8 gigawatt ‘Tiwi H2’ project in northern Australia, the company’s base for its green hydrogen production. In 2022, Provaris took a major step forward when it signed a memorandum of understanding (MoU) with major French power supplier, Total Eren. It subsequently signed a separate MOU with Norwegian Hydrogen in January 2023 that could lead to the transportation of compressed GH2 volumes from Norway, to developing import hubs on the continent and potentially, to the UK. Our scenario models suggest IRRs of between 10% and 19%.
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Central to Provaris Energy’s plans is the development of a new class of ocean-going compressed H2 delivery vessel, the H2Neo carrier. The class ‘Design Approval’ for the vessel was issued by the American Bureau of Shipping in December 2022. The approval opens the way for Provaris to seek a shipyard to quote for and construct the carrier. The novel vessel design gives Provaris first-mover advantage in large-scale hydrogen transport solutions and paves the way for the more cost-effective H2Max vessel, which has five times the capacity.
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'There is also one other Australian company – one that rarely makes the news – plotting a different way to get green hydrogen exports happening. Provaris, known as Global Energy Ventures until last May, steers clear of the mainstream options of ammonia (NH3) and liquefaction (LH2), which often involves keeping the hydrogen at punishingly low temperatures, in favour of shipping it as a compressed gas (CH2).'Read article