PIVOTREE technology awarded “Technology Feasibility” and “Endorsement of Qualification Plan” by DNV

For Immediate Release

Highlights

  • Pivotree Pty Ltd achieves a significant milestone with an endorsement from DNV, a global leader in standards development and independent verification services.
  • DNV’s extensive collaboration with Pivotree includes feasibility assessment, risk evaluation, and independent design verification.
  • Pivotree’s innovative technology moves closer to full qualification, marking a pivotal step in advancing sustainable energy solutions.

Perth, Western Australia – 19-Sept 2023 – Pivotree Pty Ltd is thrilled to announce a significant milestone in its journey towards bringing its ground-breaking technology to market. Following a collaborative partnership initiated in 2020, Pivotree has received a crucial endorsement from DNV, a globally trusted provider of independent verification services.

DNV, trusted globally for its expertise in verification of offshore floating structures and subsea facilities, is working closely with Pivotree to verify the feasibility and safety of its innovative technology. The collaboration has been guided by DNV’s commitment to upholding statutory, regulatory, and industry standards.

The partnership with DNV has allowed Pivotree to systematically evaluate and manage risks associated with its groundbreaking technology, providing invaluable insights before its deployment in live projects. DNV’s independent third-party design verification provides due diligence and enhances the confidence of Pivotree’s customers, further solidifying the company’s commitment to excellence.

In November 2021, Pivotree achieved a significant milestone when it received a Statement of Feasibility from DNV. This statement, in line with DNV’s service specification “Technology qualification management and verification” (DNVGL-SE-0160), confirmed the technology’s feasibility for further development and qualification.

The subsequent phase involved a comprehensive threat assessment to identify potential causes and mechanisms of failure, culminating in the design of a testing procedure aimed at mitigating these threats. Pivotree and DNV worked collaboratively in a Failure Modes, Effects, and Criticality Analysis (FMECA) workshop to evaluate these aspects.

Today, Pivotree proudly announces that DNV has issued an “Endorsement Of Qualification Plan” for Pivotree’s technology, compliant with DNV’s Technology Qualification process (ref. doc. DNV-RP-A203). This endorsement signifies that the technology is deemed “technically executable” and is a significant step towards its full qualification.

The final stage in this journey involves the testing of Pivotree’s full-scale production unit, recently constructed in Perth, Western Australia. DNV will oversee and sign off on the results to confirm compliance with the endorsed plan. Testing is already underway and is expected to conclude by the end of October this year.

Pivotree CEO, Chris Merrick, said: “We are grateful to DNV for its unwavering support and expertise throughout this journey. This collaboration reaffirms Pivotree’s dedication to developing groundbreaking technology solutions that will drive the transition towards a sustainable future.”

About Pivotree Pty Ltd

Pivotree Pty Ltd is a technology company based in Perth, Western Australia. The company specialises in low-cost, low-risk, agile energy production and carbon storage technologies, with a mission to accelerate the global transition to a sustainable and low-carbon energy system.

For more information about Pivotree Pty Ltd and its innovative technology, please visit www.pivotree.com.au.

About DNV

DNV is a global leader in assurance, risk management, and certification services. Its mission is to safeguard life, property, and the environment while empowering clients with reliable insights for confident decision-making. DNV is a trusted advisor to top organisations worldwide, particularly in maritime and energy sectors.

For more information about DNV and its expertise and experience, please visit www.dnv.com.

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This announcement is authorised for release by Marcus Christian, Executive Director, Pivotree.

For further information please contact:

Marcus Christian, Executive Director

mpchristian@pivotree.com.au

Forward Looking Statements

Statements contained in this release, particularly those regarding possible or assumed future performance, revenue, costs, dividends, production levels or rates, prices, or potential growth of Pivotree are, or may be, forward looking statements.  Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties.  Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors.

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