Provaris Energy (ASX:PV1) has signed a Memorandum of Understanding (MoU) with hydrogen production hub developer Norwegian Hydrogen as part of its mission to identify and develop green hydrogen value chain projects in the Nordic nations.
The MoU was signed to bring together the skills, experience and ambitions of both parties to accelerate the development of a hydrogen value chain that will cover large scale production and export of hydrogen to key ports within Europe.
Provaris says the MoU provides the framework to jointly undertake a concept design study to review identified sites and select a specific location that is suitable for domestic and export volumes of hydrogen, as well as undertake a technical and economic review for the production and supply of compressed gaseous green hydrogen to nominated European ports.
The company notes the scope study is expected to be completed in the March quarter of 2023 and will also include renewable power supply, production of hydrogen, compression facilities, storage, infrastructure for jetty loading and unloading, Provaris’ H2Neo carrier and import infrastructure required to identify import locations.
“The Nordic region offers several advantages that can include low-cost hydro power, proximity to offtake markets and supportive governments committed to supplying hydrogen to Europe”
Speaking on the partnership, Provaris Chief Executive Officer (CEO) and Managing Director Martin Carolan said: “Provaris is delighted to collaborate with Norwegian Hydrogen to accelerate our development ambitions of an integrated export hydrogen project from the Nordic region that will benefit from the simplicity and efficiency of compressed hydrogen as a marine carrier.
The Nordic region offers several advantages that can include low-cost hydro power, proximity to offtake markets and supportive governments committed to supplying hydrogen to Europe. This collaboration also has a strategic alignment with the development timeline of our H2Neo carrier and validation of the increasing interest for our compressed H2 transport solution for hydrogen supply into Europe.”
Adding to this Norwegian Hydrogen CEO Jens Berge says Norwegian Hydrogen is ‘excited’ to be working alongside Provaris. “We are excited to work with Provaris on a solution which will bring green hydrogen to the EU market in a flexible, cost effective and timely manner. The vast experience and diverse capabilities within the combined Provaris and Norwegian Hydrogen team, along with a huge demand for green hydrogen in the EU, makes this a great opportunity for both parties.”
The company also notes that Norwegian Hydrogen’s proposed production and export sites will aid in the acceleration of development of the green hydrogen export supply chain, and that its own compressed H2 supply chain delivers a flexible, cost-competitive solution that supports giga-watt scale generation capacity to be transported as gaseous hydrogen.
In addition, Norway is responsible for 50% of the hydropower reservoir capacity of the European Union (EU) and plays a critical role in reaching the REPowerEU ambition of 10mtpa hydrogen import by 2030.
As of 3pm AEST Provaris Energy’s share price has increased by 18.18%.
Provaris Energy is an ASX-listed company that represents an early mover in the future of energy by developing integrated green hydrogen projects for export to regional markets through the simplicity and efficiency of compressed hydrogen.
Meanwhile, Norwegian Hydrogen is a Norwegian-based company that is targeting opportunities to develop hydrogen production and supply chains to meet the growing demand for zero emission solutions in the Nordics and beyond.
Images: Provaris Energy Ltd