Highlights:
• Strategic collaboration: Provaris Energy Ltd and Yinson Production agree to co-develop CO2 tank designs for
storage and bulk marine transportation of CO2.
• Innovation in storage: The partnership will evaluate the technical and economic viability of adapting Provaris’
proprietary technology, including tank design and fabrication methodology, for CO2.
• Global emission goals: This collaboration aims to deliver a new CO2 tank design solution and support the
development of CO2 storage and transport infrastructure critical for the widespread deployment of carbon
capture.
Provaris Energy Ltd and Yinson Production Offshore
Pte Ltd (Yinson) are pleased to announce a binding Joint Development Agreement (Collaboration) for the
development of storage tank solutions for the bulk storage and marine transportation of carbon dioxide (CO2).
Yinson Production and Provaris will jointly evaluate the technical and economic viability of adapting Provaris’
proprietary tank design for compressed hydrogen to develop innovative and cost competitive alternatives for bulkscale storage and transport of compressed and liquid CO2 (CO2 Tanks). The Collaboration will also assess the
potential for other hydrogen derivatives such as ammonia. This collaboration combines Yinson Production’s long track
record in the construction of floating production, storage, and offloading (FPSO) vessels for the offshore production
industry with Provaris' proven expertise in creating Class-level designs for bulk marine storage and transportation
(H2Neo Carrier) of compressed gaseous hydrogen. As Yinson Production expands into the carbon capture and
sequestration sector, this partnership will help develop cost-effective and scalable solutions for the storage and
transport of CO2.
Currently, there is no ship transport of CO2 in a low pressure and temperature range suitable for long sailing distances
and large cargo volumes. This collaboration aims to help develop a new CO2 tank design solution that will address
current CO2 transit and storage limitations.
The development of CO2 storage and transport infrastructure is crucial for the widespread deployment of carbon
capture, which is a critical pillar in meeting global emission targets. The design of the CO2 tanks is important for
maximizing the amount of CO2 that can be stored and transported in a single cargo.
Comments from Yinson Production and Provaris leadership
Lars Gunnar Vogt, Yinson Production’s Chief Technical Officer, said: “We recognize the importance of carbon
capture and storage in achieving global emission targets, and we're committed to playing a key role in this space.
Our collaboration with Provaris Energy will leverage our combined expertise to develop cost-competitive and
innovative solutions for CO2 storage and transportation. We're excited to explore the potential of adapting Provaris'
proprietary tank design for compressed hydrogen to meet the needs of the growing carbon capture market. This
collaboration is a significant step forward in Yinson Production’s plans to drive the carbon value chain.”
Martin Carolan, Provaris’ Managing Director and CEO, added: “This is an extremely exciting partnership and
highlights the transferable technology and design of Provaris’ proprietary tank IP and shipping solutions. The CO2
market is already well-developed and seeking cutting-edge, scalable and cost-effective storage and transport
solutions. We are grateful to be working alongside another reputable partner in Yinson, as we broaden the focus and
application of our advanced development in proprietary tanks. This opportunity allows Provaris to explore alternate
pathways in the commercialization of its tank technology in partnership with an industry leader in the offshore
industry.”
Provaris’ record in developing novel designs for shipping
Provaris has been successful in developing a Class-level package for the innovative H2Neo Carrier, obtaining
Agreement in Principle (AIP) in 2021 and an extensive Hazard Identification (HAZID) and Front End Engineering
Design (FEED) Design Approval in late 2022, with final Class Approval pending the completion of a prototype tank
construction and testing program. Provaris is also instrumental in the development of regional compressed hydrogen
supply chain projects with collaborations in place with hydrogen production and export project developers, port
developers and German utilities for future offtake.
Provaris’ proprietary cargo containment system incorporates multiple carbon steel layers with an internal layer of
stainless steel, all produced through a very high level of automation in a robotic cell controlling material handling
and laser welding robots.
Provaris is being advised by the Energy Infrastructure Group, Clarksons Norway AS.
Material Terms of the Joint Development Agreement:
• Binding agreement on Provaris and Yinson Production to complete the agreed work program and corresponding
budget for the CO2 Tank Project.
• The Agreement provides for the allocation of CO2 Tank Project costs and a fee to Provaris for the provision of
related intellectual property access and services.
• Exclusivity provided to Yinson for the adaption and use of Provaris’ technology for the storage and marine
transportation of CO2 and NH3.
• Development of new intellectual property in relation to CO2 and NH3 storage and shipping will be jointly owned
by Provaris and Yinson Production.
• Each party retains ownership of its existing intellectual property.
• Agreement has a term of 24 months.
