Provaris welcomes Yinson’s full scale development of carbon capture in the Norwegian continental shelf

Provaris Energy (ASX: PV1) welcomes news this week its partner in the development of a new liquid CO2 tank designed for industrial scale storage and shipping, Yinson Production, has announced a huge step into the carbon capture and storage (CCS) market with the acquisition of 100% of Norway-based Stella Maris CCS. This acquisition strengthens Yinson Production’s presence in the low-carbon market and is a strategic step forward in our commitment to supporting the global energy transition, including the development of a CO2 supply chains.

Stella Maris, which holds a 40% stake in the Havstjerne Reservoir, has been awarded a European Union Innovation Fund grant of up to EUR 225 million. The company is at the forefront of full-scale CCS value chain development, covering carbon capture, storage, offshore transportation, and the permanent sequestration of carbon dioxide from industrial sources. Located on the Norwegian continental shelf, the Havstjerne carbon dioxide injection and storage project is a cornerstone of Stella Maris’ activities, helping industrial emitters reduce their carbon footprint. Read more here.

Lars Gunnar Vogt, Chief Technical Officer of Yinson Production, said, “This successful acquisition reinforces Yinson Production’s commitment to driving innovation and sustainability within the energy sector and our role in shaping Europe’s decarbonisation efforts. The acquisition of Stella Maris is a logical step in expanding our portfolio of strategic investments within the carbon capture space, and we are excited to integrate these solutions to help industrial emitters in achieving their decarbonisation targets.”

PROVARIS AND YINSON PRODUCTION HAVE JOINED FORCES TO INNOVATE ON CO2 STORAGE AND MARINE TRANSPORT SOLUTION

As a reminder to investors, in October 2024 Provaris and Yinson entered into a binding Joint Development Agreement to being innovation to the co-development of CO2 tank designs for storage and bulk marine transportation of CO2. The focus is on new tank designs to enable liquid CO2 transport at lower pressure and temperature, required for long voyages and larger cargo volumes – maximizing storage and transport efficiency to reduce costs. More details are available here.

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At the time, Lars Gunnar Vogt, Yinson Production’s Chief Technical Officer, said: “We recognize the importance of carbon capture and storage in achieving global emission targets, and we're committed to playing a key role in this space. Our collaboration with Provaris Energy will leverage our combined expertise to develop cost-competitive and innovative solutions for CO2 storage and transportation. We're excited to explore the potential of adapting Provaris' proprietary tank design for compressed hydrogen to meet the needs of the growing carbon capture market. This collaboration is a significant step forward in Yinson Production’s plans to drive the carbon value chain.”‍

Provaris’ advisors, Clarksons Norway AS, have forecast a significant increase in demand for CO2 storage and transport, with a successful CO2 tank design to offer Provaris additional Technology License Fee growth opportunities from demand forfloating storage, shipping, and land-based storage.

Rising Demand for LCO2 Carriers to 2050 (Clarksons Green Transition Group)

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