Provaris Energy announced the advancement of its memorandum of understanding with Uniper Global Commodities SE and Norwegian Hydrogen AS, focusing on the supply of hydrogen to Germany.
The agreement targets the delivery of over 40,000 tonnes per year of RFNBO1-compliant hydrogen. Activities are currently focusing on defining key terms for the hydrogen sales and purchase agreement, with term sheets expected by the end of 2024.
The hydrogen will be transported using Provaris' proprietary H2Neo carriers and H2Leo storage barge, with a 10-year contract tenure under consideration.
The MOU, signed in August, aims to establish hydrogen supply chains from Norway and other Nordic regions to North-Western Europe.
Potential supply sites in Norway and Finland, including the FjordH2 Project in Alesund, are under detailed feasibility study.
"Provaris and Norwegian Hydrogen are collaborating to identify suitable supply sites to meet RFNBO compliance and support long-term hydrogen offtake agreements," said Martin Carolan, Managing Director and CEO of Provaris Energy.
Uniper will handle import locations within Germany and manage port and pipeline capacity to distribute the hydrogen.
Binding contractual agreements are targeted for completion by the second quarter of 2025.
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 $0.025.