Provaris Energy starts fabrication and testing H2Neo prototype tank; signs third European MoU

(NewsDirect)

Martin Carolan, Provaris Energy Ltd (ASX:PV1) managing director and CEO, joins Proactive’s Jonathan to discuss the significance of the H2Neo prototype tank's fabrication and testing. Carolan highlights the project's progression, which is crucial for optimising shipyard operations through improved efficiency and flexibility, and is set to be a global first in high-pressure hydrogen storage. Provaris is on track to complete this phase by mid-2024, which could open up early revenue channels. The company has also signed a third non-binding MoU with a leading European energy company, demonstrating the growing industry recognition and potential for Provaris’ hydrogen storage solutions. Carolan delves into the European market dynamics, with a special focus on Germany, where energy providers are increasingly engaged with Provaris' innovations. This interest is driven by the need for cost-effective and scalable hydrogen supply solutions in response to Europe's substantial energy import requirements.