Provaris Energy Ltd has initiated a fully funded Front End Engineering Design (FEED) phase for its innovative low-pressure liquid CO2 (LCO2) tank, a key component in advancing offshore carbon capture and storage solutions. The project, developed in partnership with Yinson Production AS, is designed for integration with Yinson’s Floating Storage Injection Unit. Under the Joint Development Agreement, Yinson will cover 100% of the FEED phase costs—spanning four major engineering and integration packages—with the initial deliverables expected by December 2025 and a target to secure FEED Design Approval by mid-2026. The development program focuses on transforming the tank design from concept to a market-ready solution by ensuring compliance with global maritime codes and optimizing key engineering attributes. This includes advanced structural analyses, static and fatigue modelling, and the integration of experimental testing procedures using robotic fabrication and laser welding. The innovative layered-plate design enables the production of larger capacity tanks while reducing vessel construction and operational costs, potentially transforming the economics of LCO2 shipping and storage in the evolving carbon capture and storage supply chain. In parallel, Provaris Energy Ltd is progressing the formation of a new joint venture with Yinson to yield equal ownership and licensing rights over the tank design and fabrication intellectual property. This move not only secures strategic control over a pioneering technology but also opens up additional market opportunities, bolstered by recent Asian road show engagements with leading shipowners and discussions with major maritime players regarding customized large-scale LCO2 tank applications. Furthermore, the technology’s potential crossover to compressed hydrogen applications positions Provaris as a dual-market technology provider. Market sentiment can be viewed from two perspectives. Bullish indicators include strong financial backing by Yinson, progressing technical milestones, proactive market outreach in Asia, and the potential for lower cost per tonne of LCO2 storage—all contributing to a first-mover advantage in a rapidly expanding sector. Conversely, cautious views may point to the inherent challenges of meeting rigorous maritime and regulatory standards, the potential for delays in achieving design approvals, and the uncertainties involved in scaling up innovative robotic fabrication processes.