Provaris Energy (ASX:PV1) has provided an update on the prototype tank restart program at the Fiskå Facility in Norway.
The company has submitted a conditional offer to the secured lenders to acquire the installed prototype tank "production cell."
The acquisition includes essential materials, and robotic, and laser welding equipment necessary to complete and test the prototype tank.
Provaris has also agreed on the key terms of a lease agreement with a potential buyer for the Fiskå facility.
This lease encompasses approximately 2,000sqm of factory space and office areas.
The acquisition and lease agreement aims to safeguard the company's investment, avoid relocation costs, and expedite the tank completion process.
Provaris is also advancing strategic collaborations with major European energy utilities, with meetings and site visits to the Fiskå facility scheduled this month.
The secured lenders intend to complete the sale of all Prodtex Industri AS assets as soon as practical.
"The board understands the concerns around protecting our investment in the prototype tank program. With this recent progress, we have increased certainty that our investment remains secure," said Martin Carolan, Managing Director and CEO of Provaris Energy.
"Acquiring full control of the Production Cell, including all robotic laser equipment, will be invaluable as we advance the program," Carolan added.
Provaris has committed to keeping shareholders informed as the purchase process progresses and the restart timetable becomes clearer.
Provaris Energy is an ASX-listed company engaged in developing a portfolio of integrated green hydrogen projects for the regional trade of Asia and Europe, leveraging its compressed hydrogen bulk storage and carrier.
At the time of reporting, Provaris Energy's share price was $0.021.