Provaris Energy Secures A$1.5M to Fuel European Expansion and Prototype Tank Program

Provaris Energy Ltd announced on November 6 that it has successfully acquired funding, underscoring strong investor confidence in the company’s innovative approach to hydrogen and CO2 transportation and storage solutions.

Provaris has successfully raised A$1.5 million through a share placement at a price of A$0.02 per share. The funds will be used to expedite business development in European hydrogen and CO2 markets, as well as to prepare for the resumption of the company's prototype tank program. The placement of 75 million new shares is expected to settle on November 12, 2024.

Provaris is actively pursuing opportunities to leverage its proprietary technology to address the growing demand for efficient and cost-effective hydrogen and CO2 transportation and storage solutions. The company is particularly focused on expanding its operations in North West Europe, where it aims to capitalize on the region’s burgeoning green hydrogen market.

The placement was well-received by both new and existing investors, including a significant Australian institution and an international corporate investor. Additionally, Provaris directors demonstrated their commitment to the company’s future by subscribing for A$125,000 worth of shares, subject to shareholder approval at an upcoming Extraordinary General Meeting.  

Martin Carolan, Managing Director and CEO of Provaris, commented, “We are delighted with the strong support from both new and existing investors. This funding will enable us to accelerate our growth plans and solidify our position as a leading player in the green energy sector. Our innovative solutions have the potential to revolutionize the way hydrogen and CO2 are transported and stored, driving significant cost reductions and environmental benefits.”

Provaris remains committed to advancing its technology and expanding its market reach. The company is actively exploring commercial opportunities in the CO2 shipping sector, where its high-capacity storage solutions can significantly reduce transportation costs.

Bridge Street Capital Partners acted as the Lead Manager for the placement.

About Provaris Energy

Provaris Energy Ltd is a pioneering company focused on developing innovative solutions for the transportation and storage of hydrogen and CO2. The company's primary goals are to reduce costs and environmental impact, expand its operations in Europe to capitalize on the region's growing clean energy demand, and advance its technology through a prototype tank program.

Provaris is dedicated to developing advanced technologies to transport and store these crucial gases, reducing costs and environmental impact. The company is actively expanding its operations in Europe, targeting the region's growing demand for clean energy solutions. Provaris is committed to advancing its technology through the development and testing of prototype tanks, ensuring the highest standards of safety and performance.