Australian Energy Company Provaris Signs MoU with Japanese Shipping Company K Line for Compressed Hydrogen Shipping Solutions
Australian energy company Provaris has taken a significant step towards commercializing its compressed hydrogen shipping and offshore storage solutions by signing a memorandum of understanding (MoU) with Japanese shipping company Kawasaki Kisen Kaisha (K Line).
Over the course of the one-year agreement, Provaris and K Line will collaborate on studies and examinations related to the development, construction, and operation of Provaris’ proprietary H2Neo Carriers and H2Leo Barges. These innovative vessels are designed to facilitate the transport and storage of compressed hydrogen, with capacities of up to 27,000 cubic meters (cbm) for the H2Neo Carrier and optimized nearshore and port operations for the H2Leo Barge.
As part of the MoU, K Line will provide technical, commercial, and operational assistance to support Provaris in refining operational cost models, developing newbuild programs, and defining charter terms. This collaboration is expected to not only advance Provaris’ regional shipping solutions but also contribute to broader export initiatives, including supply chain projects in Norway and partnerships with German utilities for hydrogen delivery.
Provaris Managing Director and CEO, Martin Carolan, expressed optimism about the partnership, stating, “This MOU represents a key milestone for Provaris in the development of our regional shipping solution and development of an energy-efficient and cost-effective way to address Europe’s significant import requirement for hydrogen by 2030. We look forward to ‘K’LINE’s support of Provaris’ development of export project supply chains in the Nordics.”
In addition to this collaboration, Provaris recently achieved a milestone in its partnership with Yinson Production, an owner and operator of floating, production, storage, and offloading (FPSO) vessels, by completing the design of liquid CO2 (LCO2) tanks. This achievement has led to the formation of a joint venture (JV) aimed at commercializing LCO2 marine and offshore applications.