Provaris Energy Ltd, listed on ASX and OTC markets, has encountered a setback in its hydrogen Prototype Tank construction following the bankruptcy of its sub-contractor, Prodtex Industri AS. While Prodtex Industri AS, a subsidiary of Provaris' collaboration partner, faced financial challenges, the parent company, Prodtex AS, remains stable. This development has led PV1 to proactively intervene and strategize to restart the program efficiently. The bankruptcy is anticipated to cause delays in the tank construction, prompting discussions with senior secured lenders like Innovation Norway, who may take control of Prodtex Industri's assets. Despite the uncertainties, Provaris is focused on finding alternative pathways to resume tank construction promptly, aiming to meet its 2024 testing deadline without significant disruptions to commercialization efforts. The company's management is set to engage closely with Prodtex to formulate a contingency plan and ensure the project stays on track. Through collaboration and innovative solutions, Provaris remains optimistic about overcoming the challenges posed by the sub-contractor's bankruptcy and advancing its hydrogen initiatives effectively.