This Collaboration provides another key validation event for our investors and stakeholders in the benefits of compressed hydrogen and the business case for our development of supply chains in Europe.

Baker Hughes is as a NASDAQ listed company with 2024 revenues of USD 28 billion and a market value over USD 44 billion.

Baker Hughes is the global leader in high pressure gas compressors and offers advanced hydrogen solutions across the entire value chain, including H2-ready gas turbines and high-pressure compressors. Major hydrogen projects include such the 4 GW NEOM project in Saudi Arabia.

Baker Hughes have over 100 years of experience working with hydrogen; demonstrating the proven technology provides a first-mover for our supply chain development.

Collaboration is built on the successful technical cooperation between the two companies over the past 12 months, including the development of a comprehensive Compression Concept Design Paper, confirming:

suitability of Baker Hughes equipment supporting our first-mover advantage by choosing proven technologies.

technical feasibility of our solution for compression to load and discharge the H2Neo carrier;

the benefits of compression with respect to energy efficiency and the capital and operating costs that support a solution for the lowest delivered cost of low-carbon or green hydrogen from the Nordics to Germany.

Provaris and Baker Hughes are now co-operating on hydrogen export opportunities identified in the Nordic region to define equipment and engineering services for Baker Hughes, underscoring the commercial potential of this collaboration.

For more details on Baker Hughes, visit their website