Provaris Energy Ltd (AU:PV1) has released an update.
Provaris Energy Ltd reported progress in developing its proprietary H2Neo hydrogen storage tank, despite a setback due to the bankruptcy of a key subcontractor. The company is considering the acquisition of the fabrication facility to complete the tank, which could lead to early revenue streams from the sale of smaller-scale storage units. Provaris also secured funding through a convertible bond facility with Macquarie Bank and raised additional capital via a Share Purchase Plan, positioning itself to capitalize on the growing European hydrogen market.
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