What's Happening?
Provaris Energy has commenced the front end engineering design (FEED) phase for its proprietary large-scale low-pressure liquid CO2 (LCO2) tanks, following approval from its development partner Yinson Production. Yinson will fully fund the FEED phase, with initial deliverables expected by December 2025. Provaris and Yinson are forming a joint venture, NewCo, to hold exclusive rights to the LCO2 tank design and fabrication methodology. The collaboration aims to support carbon capture and storage (CCS) projects, primarily in Europe. The FEED program will advance Provaris's tank design towards commercial readiness, focusing on compliance with maritime codes and optimization of design related to steel weight and automated fabrication.
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Why It's Important?
The development of large-scale LCO2 tanks is crucial for advancing carbon capture and storage technologies, which are essential for reducing greenhouse gas emissions. Provaris's innovative approach, including robotic fabrication and laser welding, addresses limitations of traditional tank designs, potentially revolutionizing storage solutions for CO2 and hydrogen. The partnership with Yinson and 'K' LINE highlights the growing interest in scalable CCS solutions, particularly in Europe, where regulatory pressures and environmental goals drive demand for effective carbon management technologies.
What's Next?
Provaris will continue the FEED phase, targeting design approval by mid-2026. The company plans to fabricate sections of the tank at its robotic cell facility in Norway for testing. Market discussions indicate a preference for large-scale LCO2 tanks, aligning with Provaris's concept design. The joint venture will explore commercialization opportunities, leveraging the data and experience gained from Yinson's program to deliver class-approved storage solutions for global carbon capture supply chains.
