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  • Provaris Energy (PV1) signs a memorandum of understanding (MoU) with UK-based Northern Marine Management, a member of the Stena AB group of companies
  • Under the MoU, Provaris and Northern Marine will develop a technical partnership to support the ongoing engineering and development program of the company’s first GH2 carrier, the H2Neo
  • It will cover specialist technical and operational services which include class and flag approvals, shipyard selection and newbuild contract and newbuild supervision
  • Provaris Chief Technical Officer Per Roed says the opportunity to leverage Northern Marine’s global experience and expertise will “enable the company to have the first H2Neo ship on water and operational in 2026”
  • PV1 shares are up 2.67 per cent, trading at 7.7 cents as of 10:27 am AEST

Provaris Energy (PV1) has signed a memorandum of understanding (MoU) with UK-based Northern Marine Management, a member of the Stena AB group of companies.

Under the MoU, Provaris and Northern Marine will develop a technical partnership to support the ongoing engineering and development program of the company’s first GH2 carrier, the H2Neo.

It will cover specialist technical and operational services which include class and flag approvals, shipyard selection and newbuild contract and newbuild supervision.

Provaris Chief Technical Officer Per Roed said the opportunity to leverage Northern Marine’s global experience and expertise will “enable the company to have the first H2Neo ship on water and operational in 2026”.

He also said it will also support the pipeline of hydrogen export projects Provaris is now developing in Australia and reviewing future opportunities in Europe.

Northern Marine will support the development of commercialisation of the H2Neo ship by bringing over 40 years of naval architecture, marine engineering, regulatory and maine quality assurance and ship management expertise.

Together, the companies will also review commercial opportunities for a fleet of H2Neo carriers currently under development where the terms for Northern Marine to provide ship management services on a contractual basis will be agreed upon.

The MoU is for a 12-month period and sets out an agreed schedule of activities, targeting an approval for construction mid-2023.

The MoU is non-binding and non-exclusive to the services provided.

PV1 shares were up 2.67 per cent, trading at 7.7 cents as of 10:27 am AEST.

PV1 by the numbers
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