Oracle Power Share News (ORCP)

(Sharecast News) - Natural resources project developer Oracle Power announced the appointment of Thyssenkrupp Uhde, an "international leader" in engineering, procurement, construction, and service of chemical plants, to lead the technical and commercial feasibility study for the green hydrogen and ammonia project being developed by the company's joint venture Oracle Energy.

The AIM-traded firm said the study was planned to start "shortly", with the final report expected to be delivered in the first half of 2023.

Oracle said its share of the cost for the study was expected to be funded from current cash resources.

It said Oracle Energy was targeting a 400MW-capacity green hydrogen production facility, with annual production of 55,000 tonnes of green hydrogen.

The project would be located in the designated wind corridor in the southern Pakistan province of Sindh, and was expected to deploy 700MW of solar and 500MW of wind power to produce green hydrogen.

As the hydrogen would be converted to green ammonia in the project, the company said it had selected Thyssenkrupp Uhde for the study, given they are an "internationally-recognised leader" in green ammonia development and execution.

Its sister company, Thyssenkrupp Nucera, was also described as a "global leader" in water electrolysis technology for green hydrogen production, and was the technology supplier for the NEOM Project in Saudi Arabia, which was expected to become one of the largest green hydrogen projects globally.

In September, Brooge Renewable Energy also engaged Thyssenkrupp Uhde to undertake the technical study of its planned green hydrogen and green ammonia plant in Abu Dhabi, with Thyssenkrupp also integrating its technologies in a green hydrogen and green ammonia project by the Emirati company Helios Industry.

"Thyssenkrupp is an undisputed heavyweight in the emerging commercial hydrogen industry and to have them leading our project technical and commercial feasibility study forward is a clear signal of the enormous potential value of this project," said Oracle Power chief executive officer Naheed Memon.

"As a pioneer in the industry, Thyssenkrupp's expertise is highly sought after and I believe their agreement to support us is testament to the opportunity we have for establishing a facility in Pakistan to produce what is becoming the new global fuel, which is in critical demand, as the world transitions to green energy.

"Thyssenkrupp has a proven track record of advancing green hydrogen and green ammonia projects, and we will be leveraging that expertise to ensure our project in Pakistan becomes a benchmark in green hydrogen development and execution."

At 1227 BST, shares in Oracle Power were up 2.95% at 0.23p.

Reporting by Josh White at Sharecast.com.