Provaris Energy Ltd is strategically navigating the aftermath of the bankruptcy of Prodtex Industri AS, the subcontractor responsible for developing its Prototype Tank. The bankruptcy halted fabrication and welding on the tank, prompting Provaris to engage with secured lenders to explore pathways to resume construction. The company is in discussions with Prodtex AS, lenders, and the bankruptcy executor to secure proposals for completing the tank and potentially acquiring the construction facility in Norway. Provaris aims to swiftly restart construction, targeting completion and testing of the tank within four to six months. Furthermore, the company is formulating a proposal to acquire the Fiskå Facility for long-term production of smaller scale hydrogen tanks, catering to industrial users in Norway and the EU. Key personnel from Prodtex AS are aiding in ensuring workforce continuity at the construction site. Provaris is also seeking strategic partnerships to bolster its vision for efficient hydrogen storage and maritime transport. The Australian company, with a focus on green hydrogen projects, is eyeing a leading position in regional maritime hydrogen trade, with the establishment of Provaris Norway AS in 2022 to drive hydrogen supply development in Europe.