Provaris and Yinson Forge Bulk CO2 Tank Alliance to Unlock CCS Growth

Rising CO2 Emissions Spur CCS Infrastructure Demand

Global CO2 emissions from energy combustion and industrial processes hit record highs in 2024, underscoring the urgent need for effective carbon capture and storage (CCS) solutions. Despite advances in low-emission technologies, fossil fuel production remains robust, driving energy majors to increase investment in CCS to meet net-zero targets and comply with emerging carbon policies such as the EU’s Carbon Border Adjustment Mechanism.

However, the existing infrastructure for liquid CO2 (LCO2) storage and transport is constrained by capacity limits. Current shipping vessels max out at around 7,500 cubic meters, with new orders for 22,000 cbm ships and demand growing for even larger 30,000+ cbm vessels. This bottleneck highlights the need for innovative, cost-efficient bulk-scale storage and transport solutions to support the expanding CCS market.

Provaris and Yinson’s Strategic Partnership

Provaris Energy has entered a fully funded joint development agreement with Yinson, a global energy infrastructure operator, to pioneer next-generation large-scale LCO2 tanks and integrated shipping solutions. Leveraging Provaris’ proprietary layered tank designs and automated fabrication methods, the partnership aims to overcome the steel thickness and pressure challenges that limit current tank sizes.

Yinson’s strong financial position and operational expertise, including its involvement in the 10 Mtpa Havstjerne CCS project on Norway’s continental shelf, provide Provaris with immediate market access and a platform to commercialize their tank technology globally. The collaboration includes milestone-driven phases through 2025 and 2026, with Provaris receiving technology and management fees as well as future license revenues from floating, shipping, and land-based storage applications.

Innovating Beyond Industry Limits

Traditional Type C tanks for LCO2 storage are limited to around 7,500 cbm due to material and regulatory constraints. Provaris’ novel layered tank design promises to multiply storage capacity while reducing capital and operating costs. This innovation is critical as the CCS industry scales rapidly, with forecasts projecting a 20% compound annual growth rate in the global CCS market, currently valued at USD 8 billion.

By addressing the industry’s bottleneck in tank size and cost, Provaris and Yinson position themselves at the forefront of a burgeoning sector that will require fleets of specialized carriers and storage units to handle CO2 from diverse industrial sources worldwide.

Looking Ahead

The joint development program is progressing through concept design completion and pre-FEED phases, targeting class-level approvals and integration with floating storage injection units by mid-2025. With plans to commence front-end engineering and design (FEED) later this year, Provaris is set to capitalize on the accelerating global push for scalable CCS infrastructure.

As carbon capture projects move from planning to execution, the demand for efficient, large-scale CO2 storage and transport solutions will intensify, making Provaris’ technology and partnership with Yinson a potentially pivotal development in the energy transition landscape.