Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) welcomes the start of cooperation for hydrogen offtake and supply to Germany under a tri-party Memorandum of Understanding (MOU) with Norwegian Hydrogen AS and strategic partner Uniper that was signed last month.
The MOU aims to strengthen cooperation in developing hydrogen supply chains from Norway and other potential Nordic sites to import locations in northwest Europe. Green hydrogen will be produced by Norwegian Hydrogen and transported on Provaris’ H2 Neo carriers and H2 Leo storage barges.
Activities are now focused on key terms for a hydrogen sales and purchase agreement term sheet, which is targeted for the current December 2024 quarter. The parties are targeting a 10-year contract to support long-term charter for Provaris’ proprietary H2Neo carriers and H2Leo barge.
Provaris and Norwegian Hydrogen are collaborating to develop sites suitable for the supply of RFNBO-compliant hydrogen, which is fuel produced via electrolysis using low greenhouse gas electricity sources, as per the RFNBO Delegated Act.
This hydrogen will then be stored and transported using Provaris’ H2Leo storage barge and H2Neo carriers.
Work is underway to outline the preferred sites in the Nordics, including Norway and Finland. Sites with a detailed feasibility include the FjordH2 Project in the Alesund region, Norway.
Regional supply locations from the Nordic Region into northwest European ports with hydrogen import development plans linked to the future development of Germany’s core hydrogen network.
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