RaaS Research Group has published an update on hydrogen transportation IP company Provaris Energy (ASX:PV1) following its recent quarterly update.

The full report can be downloaded here: Provaris Energy RaaS Update 10 August 2026

Key points from the report:

• Broad guidance sets targets for the remainder of 2026. The H2 prototype tank is expected complete fabrication and enter testing for Class approval in the current quarter, with the LCO2 tank targeting Agreement-in-Principle to underpin GASA approval vt end year. This would represent tangible delivery towards the projects FID.

• Provaris and Yinson have expanded the range of potential commercial applications for the LCO2 tank...the bigger the market(s), the greater and perhaps faster the growth metrics can become.

• We have broken out the intrinsic value opportunity within the CO2 business stream given the acceleration of works towards commercial definition via a revenue model. The ascribed risk value of this segment offsets the issued capital dilution from the most recent equity financing. Receipt of tank Class approval by end-2026 should provide a tangible and measurable valuation benchmark.

NAV range sits at $0.10-0.16/share Our valuation range for PV1 is marginally upgraded on the accelerated progress with respect to the LCO2 commercial case, which offsets the recent issued capital dilution. The NAV range sits at $0.10-0.16/share with a mid-point (base case) of $0.14/share (previously $0.09-0.16/share with a mid-point of $0.13/share). The material upside value lies in the Tank Technology IP and Class Approvals represent the first critical success-case driver for both hydrogen and CCS options.