1 December 2021
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Green Hydrogen Project Update
Preliminary study Completed & Review underway for Optimal Manufacturing Plan
Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce an update relating to the Company's strategy to develop a green hydrogen production facility in Pakistan, in partnership with PowerChina International Group Ltd ("PowerChina"), one of the largest Chinese state-owned-enterprises (as announced on 11 October 2021).
· Preliminary technical study completed by PowerChina to establish key technical and commercial contours for the delivery of a facility to produce hydrogen with electrolysers powered by photovoltaics and wind energy in Pakistan
· Targeting a 400MW capacity hydrogen plant, with planned hydrogen production of approximately 150,000kg per day
· Actively pursuing technology suppliers and assessing costs across Europe, Japan and South Korea to support the advancement of Oracle's green hydrogen strategy but initial estimates are set out in the Company's recent presentation (http://www.oraclepower.co.uk/wp-content/uploads/2021/11/ORCP-Corporate-Presentation-Q4-2021-final.pdf)
· Negotiations with the provincial government to determine the requisite infrastructure in the Province of Sindh
· Invitation by the Government of Sindh to present green hydrogen production strategy as a "Global Goal" at the Expo 2020 in Dubai on 14 December 2021
Naheed Memon, CEO of Oracle, commented:
"Green hydrogen has quickly become part of the shared lexicon of the international community as we collectively look to transition to a carbon neutral future. In the relatively short space of time since Oracle signed its co-operation agreement with PowerChina, there has been a sizeable uptick in the adoption of green hydrogen projects internationally from Australia, Egypt, Namibia, the UAE to the UK. This is clearly a movement which is gaining momentum and support and Oracle, together with our partners at PowerChina, are uniquely positioned to bring this technology to Pakistan.
"The preliminary technical study, completed by PowerChina, has now established the key technical and commercial contours for the delivery of a hydrogen production facility, powered by photovoltaics and wind energy, to provide domestically generated fuel for Pakistan and neighbouring countries. We are now working to refine the various commercial frameworks through which to advance this project and we will report back on progress over the coming weeks and months. Importantly, green hydrogen has already been prioritised as a 'Global Goal' by the Government and Sindh and I feel privileged to be leading a presentation on the topic at the Expo 2020 in Dubai on 14 December.
"Green hydrogen has captured the attention of investors, government agencies and blue-chip energy suppliers and I am honoured to have a metaphorical seat at the table as we look to the transform the landscape for clean energy production with this revolutionary technology."
For further information:
Oracle Power PLC
+44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser)
Rory Murphy, James Harris, Rob Patrick
+44 (0) 20 7409 3494
Brandon Hill Capital Limited (Joint Broker)
+44 (0) 203 463 5000
Shard Capital (Joint Broker)
St Brides Partners Limited (Financial PR)
+44 (0) 20 7186 9952
+44 (0) 20 7236 1177
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company holds two highly prospective gold assets in two globally significant gold regions of Western Australia. The Northern Zone Project is located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia, and the Jundee East Gold Project is located ~9km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold mines.
The Company's initial project is the Thar Block VI Project in the Thar desert in the south-east of the Sindh province of Pakistan where the Company is advancing plans for a combined lignite coal mine, a 1,320MW mine mouth power plant and a proposed coal gasification to urea project.