Australia's Provaris Energy slumps on delay in prototype tank construction

Provaris Energy

05/06/2024 02:36

** Shares of green hydrogen projects developer Provaris
Energy  PV1.AX  fall as much as 10.8% to A$0.033, their lowest
level since April 3
    ** Co says the construction of its prototype tank will be
delayed due to unexpected bankruptcy process of sub-contractor
Prodtex Industri AS
    ** The prototype tank is part of a testing program needed
for obtaining approvals for a production facility in Norway
focused on constructing compressed hydrogen containment tanks
    ** Says it is currently unclear what impact the bankruptcy
will have on the prototype tank contract
    ** About 1.2 mln shares change hand compared to 30-day
average of 446,503
    ** Stock down 27.5% YTD as of last close

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))