Provaris Energy Ltd. advised that the American Bureau of Shipping (ABS), has reviewed, verified, and approved the design of the 26,000m3 H2Neo compressed H2 carrier (H2Neo). This critical milestone approval follows the completion of extensive Front End Engineering Design (FEED) work and ABS review activities. It confirms that its innovative and cost-effective multi-layered hydrogen tank can be incorporated into H2Neo Carrier and meets the requirements for Ship Classification.

The next steps in journey to world-scale hydrogen shipping are to construct and test a prototype hydrogen tank, and to prepare for ship construction with a selected shipyard(s). ABS is one of the largest and most respected Classification Societies that are focused on ship safety and excellence in design and construction. Class Approval milestone follows the completion of extensive FEED and critical safety studies In October 2020, Provaris launched an ambitious program to develop a compressed H2 carrier, and in 2021 ABS awarded Provaris with an Approval in Principle (AiP) for two classes of green compressed hydrogen (GH2) carriers, namely the H2Neo (26,000m3) and the H2Max (120,000m3 capacity).

Provaris is taking the H2Neo through to construction-ready status in 2023, with the H2Max to follow 2026. Provaris has spent 12 months completing this extensive FEED level design package for the H2Neo. This work program has been delivered on-time and on-budget, which has culminated in the receipt of a Design Approval from ABS, that confirms:The ship design is verified as capable of transporting compressed hydrogen at bulk scale at 250 bar pressure;The FEED package is sufficient for shipbuilders to quote (price and schedule) with confidence; and Critical safety studies, process and risk analyses have been carried out, which allowed ABS to verify relevant safety aspects of the ship's design and operation.

ABS Consulting has carried out risk and safety workshops (HAZID) and specialist studies concerning gas dispersion, explosion and fire analysis to help assess and mitigate the risks associated with the storage and transportation of hydrogen. This is the first time that an extensive HAZID and FEED level design for a novel hydrogen carrier has been concluded. Provaris will continue to work with ABS throughout the next phases of detailed production design, cargo tank testing and construction, and will continue to update shareholders on key milestones.

This program will also include the appointment of a preferred shipyard for the final design and the construction of a prototype for testing during 2023. Proprietary design and integration of the compressed H2 cargo tanks The H2Neo design is characterized by two large-diameter cylindrical tanks, one in each of the port and starboard cargo holds with a maximum allowable operating pressure (MAOP) of 250 bar. To avoid boil-off /cargo losses and to avoid the need for insulation and energy-intensive cooling during the voyage, the hydrogen is carried at ambient conditions.

At these conditions, the design pressure rating of the cargo containment system has been determined to be 250 bar. The advantage of the patented design, and Provaris' Intellectual Property, is evident in the ABS-approved solution of integrating a relatively thick steel layered tank (as required for 250 bar) into the hull of a relatively conventional ship- sized hull with low operating drafts. Leveraging its experience with gas and compression, Provaris has assessed various compressed cargo containment solution options, duly taking into account the characteristics of hydrogen, including MAOP and temperature levels, and hydrogen embrittlement.

These key parameters were considered in detail concerning safety, construction methodology /CAPEX and operations /OPEX. The tanks are designed so that they cannot suddenly rupture and release a catastrophic amount of energy. This is achieved by a cargo tank construction that is composed of layers of steel, nested together, including a stainless-steel inner layer to protect the high-strength carbon steel from hydrogen embrittlement.

This nesting ensures that sudden through-wall cracks are impossible. Moreover, the layered tank construction benefits the construction methodology of the cargo tanks. Additional safety measures are applied through continuous monitoring of the cargo tanks integrity.

By using components and software that are proven, and readily available, in the market, Provaris has developed a monitoring system that will be installed on the outermost layer of the cargo tanks. Compressed H2 to provide first mover advantage for regional trade of hydrogen Compression provides a simple and energy-efficient supply chain for green hydrogen. To facilitate maritime storage and transportation of compressed hydrogen, Provaris has developed the H2Neo and H2Max designs with a proprietary cargo containment system that allows for hydrogen to be safely managed and stored at 250 bar pressure and ambient temperatures.

The loading of compressed hydrogen directly into the GH2 Carriers can be accomplished through existing, proven technology (compressors) eliminating the need for onshore hydrogen storage and/or facilities to convert the hydrogen into alternative forms at the loading port such as ammonia or liquefied H2. Similarly, the hydrogen will be delivered to customers directly through simple decompression from the ship's cargo tanks, largely utilizing the energy stored in the cargo tanks, and there will be no need for facilities at the receiving terminal to store and/or crack, change, or regas the cargo before distribution.