Gen2 Energy AS and Provaris Energy Ltd (ASX: PVI) have signed a collaboration agreement to conduct a comprehensive prefeasibility study to determine the technical and economic viability of producing and supplying compressed green hydrogen from the hydrogen project in Åfjord to European ports using Provaris’ marine storage and shipping solution.
Both parties have a shared belief that Åfjord with its access to low-cost renewable energy and industrial infrastructure is an ideal site for large scale production of green hydrogen and seaborn supply of hydrogen to key European ports.
The companies say they are committed to green hydrogen production and export projects, with Gen2 Energy focusing on domestic supply and export to European markets, and Provaris offering innovative integrated bulk-scale storage and marine transportation solutions for green hydrogen.
We are delighted to be working with Gen2 Energy to demonstrate the suitability of Provaris’ unique solution to the production and transport of bulk-scale hydrogen from the Afjord project,” Martin Carolan, CEO of Provaris Energy, said.
“This collaboration will benefit from the synergies of Provaris and Gen2 Energy’s approach to using compression as an energy efficient carrier for green hydrogen. It can also demonstrate Norway’s role in delivering bulk- volumes to ports in Europe that are requesting a simple and flexible solution to import pipeline ready, gaseous green hydrogen to meet the REPowerEU ambitions for 10 million tonnes by 2030.”
A prefeasibility study to be undertaken will include the hydrogen production and compression, the export and import terminals for loading and unloading the GH2 Carriers, GH2 Carrier fleet optimisation, including storage, and prospective offtake parties and economic models and schedules for the hydrogen project in Åfjord.
Both parties share the position that safe and efficient storage and transportation of hydrogen at sea will be critical to the development and viability of the global hydrogen value chain. Provaris has advanced a portfolio of hydrogen shipping and storage solutions and has been granted Approval in Principle (AIP) from ABS for two sizes of GH2 Carriers (H2Neo 26,000 m3 and H2Max 120,000 m3 in 2021) and a floating storage (H2Leo) with a design capacity range of 300 – 600 tonnes hydrogen. The H2Neo, which is intended to be utilized in the Åfjord project, was granted Design Approval based on an extensive FEED package in December 2022, with final construction approval targeted for early 2024.
The vision is that the Gen2 Energy’s hydrogen project in Åfjord will contribute to a more sustainable energy landscape, foresting innovation and driving the adoption of green hydrogen.
The Agreement is non-exclusive and both parties can discuss and enter into collaboration with other parties linked to the Gen2 Energy’s hydrogen project in Åfjord and Provaris’ hydrogen carriers.
Provaris Energy is an Australian public company developing a portfolio of integrated green hydrogen projects for the regional trade of Asia and Europe, leveraging its innovative compressed hydrogen bulk storage and carrier.
Gen2 Energy is a Norwegian company dedicated to develop, build, own and operate an integrated value chain for green hydrogen. The company target is to have several large-scale production facilities for green hydrogen located in Norway and Northern-Europe as well as a distribution network ensuring customers safe and reliable delivery.