Provaris Energy Ltd has received approval from Yinson Production AS to commence the Front End Engineering Design (FEED) development phase for its proprietary large-scale low-pressure liquid CO₂ (LCO₂) tanks, intended for integration with Yinson’s Floating Storage Injection Unit (FSIU), according to the company's release.
Under the Joint Development Agreement, Yinson will fund 100% of the FEED phase, covering four major engineering and integration packages to be delivered in two phases, with the first deliverables scheduled for December 2025.
The companies are progressing towards the formation of a joint venture, each holding 50% ownership and licensing rights to the LCO₂ tank design and fabrication intellectual property.
The FEED program will focus on compliance with maritime codes and regulations, optimisation of steel weight, and automated fabrication using robotic material handling and laser welding.
Provaris has identified new market opportunities for LCO₂ shipping through an Asian road show, including meetings with K-Line and other major Asian shipowners, confirming demand for alternative large-scale LCO₂ ship designs.
The company’s concept targets 40,000 to 50,000 cubic metre capacity tanks, aiming to increase hull utilisation and reduce vessel capital and operating costs.
The design is also intended to support applications in compressed hydrogen storage. The FEED scope includes structural and parametric analysis, static and fatigue structural design, development of experimental test procedures, and ongoing engagement with a Marine Classification Society for FEED design approval in mid-2026.
The design package from the earlier phase remains under independent review, with updates to be incorporated into the FEED scope.
Provaris Energy Ltd is an Australian public company listed on the ASX (PV1), engaged in the development of proprietary tank technologies for hydrogen and carbon dioxide storage and transportation. The company operates internationally, with offices in Sydney and Oslo, and focuses on integrated supply chain solutions for the energy sector.
Yinson Production AS is a subsidiary of Yinson Holdings Berhad, incorporated in Norway and operating as a provider of offshore production and support services, including floating production storage and offloading (FPSO) and related infrastructure for the oil, gas, and renewable energy industries.