Completion of the Fiska Facility Sale Expected Around 1st January 2025 Will Enable Provaris to Move Forward With a Lease Agreement With the New Owners and Finalize the Purchase of Robotic Laser Welding Requirement to Restart Its Prototype Tank Fabrication and Testing Program.
Provaris Energy Ltd (Provaris; asx.pv1) Is Pleased to Provide an Update on Recent Progress Towards Its Priority Activities in Norway Aimed At Developing Hydrogen Supply Chains Into Europe and Advancing the Company’s Proprietary Hydrogen Carrier.
Term Sheet for Hydrogen Supply and Offtake Progressing Towards Execution During December 2024, Provaris, Together With Uniper and Norwegian Hydrogen, Made Significant Strides Towards the Finalization of a Term Sheet That Outlines the Key Terms for Negotiation of a Long-Term Hydrogen Spa.
This Agreement Targets a 10-Year Offtake Contract for Over 40,000 Tonnes per Annum of Renewable Green Hydrogen From the Nordics to Germany. The Term Sheet Represents a Critical Milestone in Provaris’ Plans to Establish Reliable, Long-Term, and Low-Cost Hydrogen Supply Utilizing Provaris’ Proprietary h2neo Carriers and h2leo Barge Technology.
The Completion of the Term Sheet Is Imminent; However, Final Execution May Be Slightly Delayed by the Winter Holiday Period in Europe, Which Concludes on 2 January 2025. The Term Sheet Also Supports Discussions Established With Shipyards for Newbuilds and Shipowners for Time Charter of the Carriers.
Restart of Prototype Tank Program at Fiskå Facility and Completion of Final Class Approvals
Provaris Has Maintained Regular Engagement With the Secured Lenders and Their Appointed Advisor Regarding the Ongoing Sale Process of the Fiskå Facility and Associated Assets.
While the Process Has Taken Longer Than Initially Anticipated Progress Has Been Achieved Over the Past 6 Weeks With Finalization and Title Transfer to the New Owner Anticipated on or Around 1st January 2025.
Securing a Lease Agreement for a Portion of the Fiskå Facility’s Production Floor and Associated Office Space Will Provide for a Resumption of the Prototype Tank Fabrication and Testing Program.
The Lease Is Close to Finalization and Will Provide Ample Room for Future Growth, Including the Potential Production of Small-Scale Hydrogen Storage Tanks That Can Be an Important Step Towards Improving the Operational Economics for Industrial Hydrogen Users.
Provaris Anticipates Providing Further Updates on the Prototype Tank Program’s Progress and Schedule in Early 2025. Provaris’ Managing Director and Chief Executive Officer, Martin Carolan, Commented: “We Are Encouraged by the Significant Progress Made Across Our Priority Initiatives in Norway. The Imminent Finalization of the Hydrogen Spa Term Sheet With Uniper and Norwegian Hydrogen Marks a Key Validation Step for Our Business Model, Our Technology, and for Compressed Hydrogen Transportation. We Are Pleased With the Positive Developments Around the Fiskå Facility and the Future Restart of Our Prototype Tank Program, Which Will Be Instrumental in Achieving h2neo Carrier Class Approvals.”
