rns out11 Oct 2021 08:15
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Green Hydrogen Co-Operation Agreement with PowerChina International Group Ltd
Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce that it has signed a non-exclusive co-operation agreement (the "Agreement") with PowerChina International Group Ltd ("PowerChina") with the objective of jointly developing a green hydrogen production facility in ****stan.
Highlights
· Green hydrogen, hydrogen that is generated from renewable sources, is widely regarded as one of the most important energy sources to support the transition to a carbon neutral future
· Green hydrogen is becoming a competitive fuel source in multiple sectors, including steel and fertiliser production, cars, power generation, long-range shipping and aviation
· PowerChina, one of the largest Chinese state-owned-enterprises, has partnered with Oracle, with the intention to set up a hydrogen facility in ****stan to produce hydrogen with electrolysers powered by photovoltaics
· Targeting a 400MW capacity hydrogen plant, with planned hydrogen production of approximately 150,000 kg per day
· The Government of ****stan is reviewing proposals from international investors and has also set up a dedicated team to review options and strategy
· PowerChina has reported its interest to its government in China and the project is expected to receive bilateral support through the CPEC programme
· PowerChina is working on a technical pre-feasibility and both parties have begun collaborating with their respective governments for required support.
Naheed Memon, CEO of Oracle, commented:
"Green hydrogen is potentially the single most important tool the international community has in our collective bid to transition to a carbon neutral future. I am delighted to announce our agreement with PowerChina as we explore options of jointly developing a green hydrogen facility in ****stan, 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.
"Green hydrogen is already high on the agenda for many countries, including India and many of the Gulf nations, however this agreement would make Oracle a first mover in ****stan, a jurisdiction which has abundant renewable resource and land available. I am delighted that we have entered into an agreement with PowerChina, given PowerChina's position and experience in the field of energy and power development and contracting. We jointly plan to set up a 400MW capacity hydrogen plant to produce approximately 150,000 kg of green hydrogen per day.
"I believe that green hydrogen would provide a highly valuable additional pillar to our portfolio of assets, which now includes our two highly prospective gold proper