This week, Provirus Energy entered a binding joint development agreement with the Instant Production Offshore to explore the development of CO2 storage tank solutions. Today, it enhanced its compressed hydrogen supply chain strategy. Coming to us from Norway to discuss these latest developments is managed director and CEO Martin Carolyn. Martin, Europe's treating you well. Yes, good morning, Jonathan. It's good to see you again. Martin, before we get into the agreements with the Instant, can you give us a bit of background into that company and what they bring to the table for you? Yes, the Instant Production have a longstanding success in the construction, financing operation of what they call FPSOs or floating production and all storage units. They have also been developing in recent years and recognised the role that capture and storage of a CO2 will play. So, they've been developing new businesses and acquiring businesses along the supply chain. So, as part of that is obviously the low cost of their efficient storage. So, they recognise that there are constraints in existing storage tank designs and ships. There's some 10 ships on order globally at the moment. So, what they bring is a very successful global organisation and a strong track record in offshore activities. And you'll be working together on CO2 storage tank solutions, totally through what you'll be doing and then what the mutual benefits are. Yes, clearly we've been defining what is an innovative, laid tank design for H2 and the Instant have recognised that there are advantages in adapting that to other formats such as CO2 and perhaps even ammonia. So, together we will co-develop a new design of a tank. We will take that through the various stages of concept design and assessment against class. And so, over the coming months, we will start that process and work towards the initial design stage and ensure that both technically and economically it's going to match the objectives of what Instant have for large scale storage and transport. I'm just curious, how will it actually more broadly advance, if successful, how does it more broadly advance carbon capture and storage solutions? Yeah. Well, there's already a very large market being established here in Europe and also emerging in Asia. So, I guess the economics of shipping is that you can move as much volume as you can in a single ship. So, right now, a tank capacity is constrained to 7,000 cubic metres and so vessels of some 20 or perhaps 40,000 cubic metres have multiple tanks and that means multiple pipes and pumps and an axillary services. So, if you can eliminate some of that capital operating costs, therefore, you can move more volume at a lower price. So, that's the objective. So, let's move on to today's news. You announced progress on meeting the European Union's renewable energy directive to emissions or red to emissions standards for bulk transportation of hydrogen. Can you talk me through how you did that and what that means for a reduction in emissions? Yeah. So, it's important if you're going to be moving these new zero emission fuels that you can also demonstrate that you can meet the regulations that have now been put in place, particularly here in Europe. So, the red to the renewable energy directive sort of stipulates a level of carbon intensity per volume of product that you're moving. So, together with Ward Siller, who we've been using in defining what is our base case propulsion solution, we've been working through what the impacts of that propulsion set up looks like against different fuels, such as energy, methanol, you may say, and other things. So, it's been important for us that if we're going to get going early in the 28-29 period, that we have available propulsion technologies and fuels that can assist in the efficient and low cost movement. So, a lot of new solutions will be requiring new technology in terms of propulsion and then having availability of those fuels. So, what we're trying to do is set the standard of low emissions using existing technology in the regional trade that we're operating in. And that's a very important step for us, not only from a shipping perspective, but then that feeds into having what they call RFNBO compliant supply chain overall. And it's not an easy thing to do, is it? Well, I think it's demonstrated to us that we are well below the threshold. So, there is room, and there's also room for improvement with new technology, such as fuel cells. So, I think that's important that there's a significant gap from where the threshold is set, and that makes us a more attractive solution going forward. So, Martin, just finally, what can we expect now that's been a flurry of news over the last month? We will see more news to come. Yes, I think we're still tracking well both technically and commercially here in Europe, in terms of the press hydrogen program. We're super excited about the opportunity of extending our IP and value proposition here into CO2. We've already seen some in-bound inquiries against that. So, I think we've just got to continue to show progress as the market's progressing, and we're looking forward to updating shareholders again, sir. Thanks for your time, and we'll speak again shortly. Thanks, Jonathan.
