Provaris Energy Ltd has executed a memorandum of understanding with global shipping leader Kawasaki Kisen Kaisha to advance the commercialisation of its compressed hydrogen shipping and offshore storage solutions, including the H2Neo Carrier and H2Leo Barge, according to Provaris's release.
The agreement covers studies and assessments into the continued development, construction and operation of the H2Neo carriers and H2Leo barges over a 12‑month term, during which the parties will evaluate potential partnership or commercial structures.
“K” LINE will support Provaris by providing technical, commercial and operational assistance, utilising its accumulated knowledge and global shipping expertise to aid in the development of Provaris’ operational cost models, vessel newbuild programmes and charter term definitions, supported by its commercial advisor Clarksons Norway AS.
Provaris CEO Martin Carolan stated, “This MoU represents a key milestone … to address Europe’s significant import requirement for hydrogen by 2030,” adding that they look forward to K LINE’s support in developing export project supply chains in the Nordics.
Europe is projected to demand 7 million t of low‑carbon hydrogen by 2030, with Germany expecting to import up to 70 percent of its supply.
The H2Neo Carrier can carry up to 27,000 m³ of compressed hydrogen and has progressed to a FEED design class approval, while the H2Leo Barge is optimised for port‑side storage and last‑mile delivery, both designed to meet stringent safety and emissions standards.
Provaris Energy Ltd is an Australian company listed on ASX (PV1), specialising in compressed hydrogen (H₂) and CO₂ storage and transport solutions. The company is advancing regional export projects from the Nordics to Europe and is also engaged in CO₂ transport initiatives with Yinson Production.
Kawasaki Kisen Kaisha (“K” LINE) is a Japanese shipping and logistics firm established in 1919, operating over 400 vessels globally.