Provaris and K LINE Sign MOU to Advance Hydrogen Shipping Solutions

Provaris Energy Ltd (ASX: PV1) has signed a Memorandum of Understanding (MOU) with global shipping company Kawasaki Kisen Kaisha, Ltd. (“K” LINE), aimed at accelerating the development and commercialisation of compressed hydrogen maritime transport and storage solutions. The partnership underscores the growing role of the shipping sector in meeting Europe’s projected hydrogen import demand and decarbonisation goals by 2030.

Under the terms of the 12-month MOU, “K” LINE will contribute its technical, commercial, and operational expertise to support Provaris’ hydrogen carrier projects, specifically the H2Neo™ Carrier and H2Leo™ Barge. These vessels are designed for the bulk transportation and offshore storage of hydrogen, forming part of Provaris’ broader strategy to establish supply chain infrastructure in northern Europe, including Norway.

The collaboration also supports Provaris’ existing agreements with German utility companies, as the region prepares to import up to 7 million tonnes of low-carbon hydrogen annually by the end of the decade. Germany alone is expected to source as much as 70% of its hydrogen needs from imports.

The MOU outlines a joint framework for continued development, vessel construction planning, and operational modelling. It will also involve exploration of potential commercial structures and future partnership opportunities. Commercial advisory support will be provided by Clarksons Norway AS.

Martin Carolan, Managing Director and CEO of Provaris, stated: “This agreement is a significant step forward in advancing a cost-effective and energy-efficient hydrogen shipping solution. Collaborating with a global operator like ‘K’ LINE enhances our capacity to meet the emerging hydrogen transport needs of Europe.”

This development positions both Provaris and “K” LINE at the forefront of maritime innovation in the clean energy sector, as hydrogen plays an increasingly important role in global decarbonisation strategies.