Last close As at 05/08/2026
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Research: Industrials
Provaris Energy’s pace of progress towards its goals of producing and transporting green hydrogen appears to be accelerating. In its latest quarterly activities report, it highlighted the awarding of ‘Design Approval’ for its novel compressed hydrogen (H2) carrier, the signing of a memorandum of understanding (MOU) with Norwegian Hydrogen, and significant appointments and developments at its key Tiwi H2 project. In addition, it completed its HyEnergy feasibility report, all while operating within existing financial budgets.
Provaris Energy |
Q4 activity accelerates decisively |
Q4 activity report |
Industrial support services |
9 February 2023 |
Share price performance
Business description
Analysts
Provaris Energy is a research client of Edison Investment Research Limited |
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Provaris Energy’s pace of progress towards its goals of producing and transporting green hydrogen appears to be accelerating. In its latest quarterly activities report, it highlighted the awarding of ‘Design Approval’ for its novel compressed hydrogen (H2) carrier, the signing of a memorandum of understanding (MOU) with Norwegian Hydrogen, and significant appointments and developments at its key Tiwi H2 project. In addition, it completed its HyEnergy feasibility report, all while operating within existing financial budgets.
Year end |
Revenue (A$m) |
PBT* (A$m) |
EPS* |
DPS |
P/E |
Yield |
06/21 |
0.2 |
(3.1) |
(0.7) |
0.0 |
N/A |
N/A |
06/22 |
0.4 |
(6.8) |
(1.3) |
0.0 |
N/A |
N/A |
06/23e |
0.3 |
(9.7) |
(1.7) |
0.0 |
N/A |
N/A |
06/24e |
0.3 |
(10.2) |
(1.6) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
In December, Provaris gained ‘Design Approval’ from the American Bureau of Shipping for its novel H2Neo GH2 (green hydrogen) carrier and integrated cargo tanks, which is a significant milestone for the company. It will now proceed to the selection, this year, of a shipyard for construction and to mature current estimates for capex and construction schedule. It provides a much clearer time scale for delivery, expected to coincide with the first available cargo at the end of 2026. The novel design points to Provaris having significant first-mover advantage in the compressed hydrogen-at-scale space. Finally, the H2Neo, if successful, paves the way for the H2Max vessel, which is five-times larger and has true scalability.
Post the quarter end, Provaris signed an MOU with Norwegian Hydrogen, which is the latest significant step in the company’s development of a cost-effective GH2 transportation solution for Europe. The first Norwegian commercial H2 export volumes are likely to become available around the time of Provaris’s H2Neo carrier’s maiden voyage in 2027, neatly linking with the European Union’s hydrogen REPowerEU ambition.
Provaris progressed the preparation of its flagship GH2 export project (Tiwi H2) with the appointment of a lead consultant to prepare for the submission of an environmental impact statement due in Q423. Other notable appointments were also made to progress this exciting GH2 project.
In 2021, Provaris entered an MOU with Province Resources and Total Eren (together the HyEnergy Project partners) to support a feasibility study to export 200,000tpa of GH2 from Western Australia (WA) to nominated markets in the Asia-Pacific region. In December 2022, Provaris completed Milestone 5 as part of the WA Renewable Hydrogen Fund grant. A public knowledge sharing report has now been made available by the WA government.
Finally, in November, Provaris appointed Herman Hildan as a strategic adviser to support Provaris Norway identify and develop compressed H2 storage and transport opportunities in Norway and across Europe. The company also confirmed that cash expenditure for the year was in line with the FY22 approved budget and that it ended the year with net cash of A$8.1m (A$9.7m at end-September).
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