Australian developer of green hydrogen projects Provaris Energy has secured a two-year $3 million standby facility with Macquarie Bank to provide a funding alternative for the hydrogen development plans in 2024/25.

The facility provides the company with up to $3 million of standby capital over the next two years, providing flexibility to pursue its capital-raising endeavors in tandem with the progression of its hydrogen development projects and the commercialization of its intellectual property (IP) and hydrogen supply chain solutions.

In one of the recent hydrogen endeavors, Provaris Energy entered a new collaboration agreement with Norwegian Hydrogen to jointly progress the identification and development of several sites in the Nordic region for the large-scale production and export of hydrogen to European markets.