Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) has successfully raised A$1.5 million in a well-received share placement to drive priority business development activities in Europe related to hydrogen and CO₂ ventures. The funding will also support preparations for the future restart of the company's prototype tank program. The placement, priced at A$0.02 per share, saw strong support from institutional, sophisticated, and professional investors, resulting in the issuance of 75 million new fully paid ordinary shares. Set to settle on November 12, 2024, the placement was made at a 5% discount to the last trade price and a 10% discount to the 30-day Volume Weighted Average Price as of November 1, 2024. The company expressed gratitude for the significant support received from new Australian and international investors, as well as from existing major shareholders and directors who subscribed for shares totaling $125,000. Provaris Energy's managing director highlighted the importance of the funding in advancing commercial and technical steps for utilizing compressed hydrogen in regional production, storage, and transport in North West Europe. The company's unique solutions for gas storage and marine transport are also opening commercial pathways in the CO₂ shipping sector. The placement, facilitated by Bridge Street Capital Partners, will see the new shares ranking equally with existing fully paid ordinary shares.