Provaris Energy (ASX:PV1) is making significant progress in its joint development agreement with Yinson Production, advancing the design and commercialization of a large-scale liquid CO2 (LCO2) tank, according to a Tuesday Australian bourse filing.

The key development includes issuing 10 million ordinary shares to Yinson to formalize their strategic alliance, alongside the establishment of a Norwegian joint venture company to hold exclusive rights to the LCO2 tank designs and related commercial activities, per the filing.

The front-end engineering design is in progress for a floating storage injection unit with a 25,000 cubic meters low-pressure LCO2 tank, supporting offshore CO2 storage and injection as part of Yinson's Havstjerne CCS project in Norway, the filing said.

Rising demand for LCO2 carriers by 2030 to meet European CO2 targets has driven strong shipowners' interest in the company's tank designs at Gastech 2025, highlighting market potential for low and medium-pressure vessels, the filing added.