Australian energy company Provaris has received funding and approval from its development partner Yinson, an owner and operator of floating, production, storage, and offloading (FPSO) vessels, to start the front end engineering design (FEED) phase for its large-scale low-pressure liquid CO2 (LCO2) tank for integration with Yinson’s floating storage injection unit (FSIU).
As disclosed, Yinson will fully fund the FEED phase, covering four engineering and integration packages to be delivered in two phases, with the first deliverables scheduled for December 2025.
Through the FEED stage, Provaris aims to take its LCO2 tank from concept design towards commercial and operational readiness, with a focus on continued compliance with maritime codes and regulations, including integration of the tank for Yinson’s FSIU and suitability for LCO2 carriers, as well as optimization of the tank design related to steel weight and automated fabrication.
Provaris and Yinson are also progressing the formation of a new joint venture (JV) company to hold exclusive rights to the LCO2 tank design and fabrication methodology and future IP for scalable designs across marine and onshore applications.
Each party will own 50% of the new JV company, with equal licensing and commercialization rights.
Provaris Chief Technical Officer, Per Roed , said: “Commencing the FEED phase is a major step forward in validating our design and moving towards a market-ready solution. There is growing interest from the maritime industry in our layered plate, robotic fabrication and laser welding technology to unlock the limitations of traditional Type C tank design.
“We are building not just a tank for Yinson’s LCO2 project, but a platform for multiple applications, including compressed hydrogen. The data and experience gained through Yinson’s program will strengthen our ability to deliver Class-approved, large-scale storage solutions required to establish large-scale shipping and storage required for carbon capture supply chains globally.”
Provaris and Yinson are collaborating on the development of a large-scale LCO2 tank design under the agreement signed in October 2024.
Earlies this year, the partners completed Phase 2 in the design stage and submitted the result to a marine classification society for preliminary approval.