Provaris Energy (ASX: PV1), a specialist in hydrogen and carbon dioxide storage technology, has successfully raised $1.08 million to facilitate its ongoing expansion efforts in Europe. The capital raising saw the issuance of 83 million new fully paid ordinary shares at $0.013 per share and garnered significant support from institutional, sophisticated, and professional investors, including participation from Provaris directors.
Provaris Energy focuses on developing efficient solutions for storing and transporting hydrogen and carbon dioxide. They aim to support the energy transition with their innovative technology. According to Chief Executive Officer Martin Carolan, the proceeds will be directed toward advancing the company’s hydrogen and carbon dioxide storage and marine transportation initiatives in Europe, with a particular focus on its proprietary hydrogen prototype tank program in Norway.
In late June, Provaris also executed a memorandum of understanding with Kawasaki Kisen Kaisha (‘K’ LINE), a global shipping leader. This agreement is viewed by Provaris as a crucial step toward commercialising its shipping and offshore storage solutions, specifically the H2Neo carrier and H2Leo barge. The company believes the funds raised will also support ongoing H2Neo technical milestones in conjunction with the partnership with ‘K’ LINE.
Provaris aims to provide cost-effective storage and marine transport solutions for hydrogen in Europe. The new shares issued will rank equally with the company’s existing fully paid ordinary shares and are scheduled to be issued in early July.
