Provaris Energy establishes Oslo office as stepping stone to European market
Compressed green hydrogen technology developer Provaris Energy (ASX: PV1) has officially established a headquarters in Oslo, Norway as part of its strategy to expand into the European market.
The company’s CTO, Per Roed, will be based in the Norwegian office, where he will focus on technology commercialization activities.
Provaris chose Oslo as its European headquarters because it is an established hub for gas transportation companies, shipowners, engineers and equipment suppliers.
“We are delighted to have established a European subsidiary, Provaris Norway AS, and a head office in Oslo,” said Provaris Managing Director and CEO Martin Carolan.
“Europe is a key region that we are focusing on for the commercialization of integrated compressed hydrogen supply chain solutions.”
“Norway’s location is strategic and we expect it to remain an important region in the long term.”
Mr Carolan added that it “makes sense” for the company to approach technical partners, suppliers and buyers in Norway.
“This is one of the main reasons we are focusing on Europe, as it will also open up access to sources of government funding and a wider pool of capital market participants.”
Europe’s transition to net zero
Mr Roed noted that Europe has set targets for hydrogen as part of its 2030 decarbonisation targets.
The region plans to produce at least 10 million tonnes of hydrogen and import an additional 10Mt.
“Norway also has hydrogen at the top of its agenda, and compression is widely accepted as a means of production and distribution,” he added.
Compressed green hydrogen technology
Provaris is developing technology to facilitate its production and transport of green hydrogen.
A contract design package for the company’s first compressed hydrogen vessel, the H2Neo Carrier, is nearing completion.
The H2Neo is on track for major approval stages later this year.
To advance its compressed green hydrogen supply chain technology, Provaris closed the June quarter with $11.5 million in the bank.