Provaris Secures Full Funding for Large-Scale LCO2 Tank FEED Phase
Provaris Energy has launched a fully funded Front End Engineering Design phase for its proprietary large-scale liquid CO2 tanks, backed by Yinson. The move signals growing market interest in scalable carbon capture shipping solutions, especially across Asia.
- Yinson funds 100% of FEED phase for Provaris’ LCO2 tank design
- Joint venture planned to commercialize tank IP with equal ownership
- Layered-plate, robotic fabrication aims to reduce costs and increase tank capacity
- Asian roadshow confirms demand from major shipowners including K-Line
- FEED targets design approval and commercial readiness by mid-2026
Strategic Partnership Accelerates Tank Development
Provaris Energy Ltd has taken a significant step forward in commercializing its proprietary large-scale low-pressure liquid CO2 (LCO2) tanks by commencing a fully funded Front End Engineering Design (FEED) phase. This development is underpinned by a joint development agreement with Yinson Production AS, a global leader in offshore production, which is funding 100% of the FEED phase. The collaboration focuses on integrating Provaris’ innovative tank design with Yinson’s Floating Storage Injection Unit (FSIU), a critical component for offshore CO2 injection projects.
The FEED phase will mature the tank design through detailed structural engineering, hull integration, and compliance with maritime codes, with initial deliverables expected by December 2025. This funding arrangement allows Provaris to accelerate progress without increasing its cash burn, while retaining 50% ownership of the intellectual property through a planned joint venture.
Innovative Design Tackles Industry Challenges
Provaris’ proprietary tank employs a layered-plate design combined with robotic fabrication and laser welding technologies. This approach enables the construction of larger capacity tanks using standard carbon steel materials, overcoming traditional constraints related to steel thickness and cost. By increasing tank size and reducing the number of tanks per vessel, the design improves hull utilization and lowers capital and operational expenditures, directly addressing key barriers in the carbon capture and storage (CCS) shipping sector.
Moreover, the tank design’s versatility extends beyond CO2 storage, with potential applications in compressed hydrogen storage, positioning Provaris as a dual-market technology provider. The ongoing FEED work includes structural and fatigue analysis, experimental testing, and engagement with marine classification societies to secure design approval by mid-2026.
Market Validation from Asia and Joint Venture Plans
Provaris recently completed a targeted roadshow in Asia, engaging with major shipowners such as K-Line. These discussions confirmed strong market interest in large-scale LCO2 shipping solutions, particularly tanks with capacities between 40,000 to 50,000 cubic meters, aligning with Provaris’ design philosophy of fewer, larger tanks for improved efficiency.
In parallel, Provaris and Yinson are progressing the formation of a new joint venture company to hold exclusive rights to the tank design and fabrication IP. Each party will own 50%, sharing licensing and commercialization rights across marine and onshore applications. This structure aims to leverage combined expertise and accelerate market adoption of the technology.
Implications for the Carbon Capture Supply Chain
Shipping is a vital link in the CCS value chain, enabling the transport of captured CO2 to storage sites. Provaris’ advancements in tank design and integration with Yinson’s offshore infrastructure could play a pivotal role in scaling CCS projects globally. The company’s focus on cost reduction and scalability addresses industry demands for efficient, large-capacity storage solutions, potentially lowering freight costs and supporting the broader energy transition.
As the FEED phase progresses, market participants will be watching closely for design approvals and further commercial developments. Provaris’ ability to deliver a class-approved, large-scale storage solution could set new standards in maritime CCS logistics.
Bottom Line?
Provaris’ Yinson-backed FEED launch marks a critical milestone in scaling carbon capture shipping infrastructure, with market validation from Asia underscoring its growth potential.
Questions in the middle?
- How will regulatory approvals impact the timeline for commercial deployment?
- What are the prospects for expanding the joint venture’s IP portfolio beyond LCO2 tanks?
- Can Provaris’ technology achieve cost targets to outcompete existing tank designs?
