Last checked at 15 Jun 2022 07:00
15 June 2022
Oracle Power PLC
("Oracle" or the "Company")
Hydrogen Storage & Hydrogen Refuelling
Non-binding MoU with Jiangsu Guofu Hydrogen Energy Equipment Co.
Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce that its joint venture company, Oracle Energy Limited ("Oracle Energy"), has signed a non-binding Memorandum of Understanding ("MoU") with Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd ("Guofuhee") (together, the "Parties") with the objective of working together to explore hydrogen storage and hydrogen refuelling infrastructure opportunities as a part of Oracle Energy's 400MW green hydrogen project in Pakistan (the "Project").
Highlights:
· MoU with a leading and internationally recognised specialist in liquid hydrogen vessels, hydrogen pressure devices and hydrogen refuelling stations to support the commercialisation of Oracle Energy's 400MW green hydrogen project in Pakistan and internationally.
· The Parties will jointly investigate hydrogen storage solutions to facilitate the delivery of hydrogen to the international markets including South Korea, Japan, China and Europe.
· Hydrogen storage solutions to access international markets will complement Oracle Energy's domestic strategy within Pakistan, which is expected to focus on domestic mobility decarbonisation, and Guofuhee will offer its hydrogen refuelling solutions for both light duty and heavy-duty applications.
Naheed Memon, CEO of Oracle, commented:
"This is another big leap forward in our journey to bringing our 400MW green hydrogen project to fruition and lays the foundations for a route to the commercialisation of hydrogen on the international market. With the continued backing of His Highness Shaikh Ahmed Dalmook Al Maktoum, our 70% joint venture partner, we are well positioned to move forward with the technical, financial and commercial aspects of the Project, and deliver this ground-breaking opportunity for Pakistan to develop a significant, domestically produced and affordable energy source with exceptional green credentials."
*ENDS*
For further information on Oracle Power PLC, visit the Company's website http://www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon - CEO +44 (0) 203 580 4314
St Brides Partners Limited (Financial PR)
Susie Geliher, Catherine Leftley +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 currently has two areas of focus: Western Australia and Pakistan. In Australia, its primary focus is the Northern Zone Gold Project, 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. Northern Zone has a current Exploration Target of 200-250Mt at 0.4-0.6g/t Au for between 2.5 - 4.8Moz gold, with drilling being planned to define a maiden inferred JORC resource.
The Company is also active in the power industry in Pakistan and is working to establish a green hydrogen production facility through Oracle Energy Limited, a joint venture with His Highness Shaikh Ahmed Dalmook Al Maktoum. The Company's initial project is the Thar Block VI Project in south-east 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.