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Oracle Power PLC - Global power and natural resource project developer based in Cambridge, England - Signs co-operation agreement with PowerChina International Group Ltd to develop a green hydrogen production facility in Pakistan. Plans to set up a plant with a 400 megawatt capacity, capable of producing 150,000 kilograms of green hydrogen each day. Says state-owned PowerChina has reported its interest in the hydrogen project to the Chinese government and expects to receive bilateral support through the China-Pakistan Economic Corridor programme. Expects to provide a project update following PowerChina's technical pre-feasability study, due in the forth quarter of 2021.
Oracle Power Chief Executive Naheed Memon said: "I am delighted to announce our agreement with PowerChina as we explore options of jointly developing a green hydrogen facility in Pakistan, which would represent the first production facility of its kind in the country and could support multiple industries including steel and fertiliser production, power generation, shipping and the aviation industry."
Current stock price: 0.39 pence, up 15% on Monday morning
Year-to-date change: down 27%
By Scarlett Butler; scarlettbutler@alliancenews.com
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