Last checked at 14 Nov 2022 07:00
14 November 2022
Oracle Power PLC
("Oracle", the "Company" or the "Group")
LOI with TÜV SÜD on Green Hydrogen & Green Ammonia Certification
Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce that its subsidiary, Oracle Energy, has signed a letter of Intent ("LOI") with TÜV SÜD to explore green hydrogen and green ammonia certification relating to the green hydrogen project in development in Pakistan.
TÜV SÜD is a renowned, independent third-party partner with long-standing expertise in certification of hydrogen from renewable sources which covers the entire hydrogen value chain. Oracle Energy and TÜV SÜD (together the "Parties") have agreed that TÜV SÜD will review the project design of Oracle Energy's proposed 400MW capacity green hydrogen plant with annual production capacity of 55,000 tonnes with a view to certifying the green credentials of the proposed production of green hydrogen and ammonia. It is anticipated that this will include all value chain processes including compression, storage, conversion, transport to end customer.
Environmental certification is a key component of green hydrogen development. The European Union's renewable energy directive 2 (RED II) outlines several legal requirements for renewable fuels of non-biological origin (RFNBOs) such as green hydrogen and green ammonia to be produced by green electricity and must obtain necessary "Guarantees of Origin" or "Green Certification" before it is exported to Europe. Certified green hydrogen can be traced back to clearly identifiable and quantifiable sources and is the only hydrogen that is substantially sustainable, with low to no carbon dioxide emissions throughout the production process. TÜV SÜD offers its own CMS 70 Green Hydrogen certification alongside external standard certifications such as ISCC Plus and CertifHy, where necessary.
Under the terms of the LOI, the two Parties will have the following tasks:
a) Oracle Energy shall take a lead in developing user relationships and customers in Pakistan;
b) TÜV SÜD will conduct document validation and necessary site audits as and when required for the purpose of issuing green hydrogen and green ammonia certification;
c) Oracle Energy shall facilitate TÜV SÜD in providing all necessary documentation, site-visits to ensure the certification process is arranged as smooth as possible; and
d) Oracle Energy shall pursue the necessary documentation for certification with the selected feasibility study partner and feedback accordingly
Oracle Energy's LOI with TÜV SÜD builds on its recent technical and commercial feasibility study contract with thyssenkrupp Uhde (announced 19 October 2022) which will provide necessary documentation for the greenhouse gas (GHG) emission calculations of the green hydrogen value chain processes. The necessary paperwork will be exchanged with TÜV SÜD to perform a critical review and feedback on the certification process.
Naheed Memon, CEO, Oracle Power commented: "Certification to demonstrate that our hydrogen project is indeed 'green' is a critical aspect of our development process and is a prerequisite of international export and also for investment by sustainable and ESG-focussed investors. We are assembling a team of experts of the highest calibre to support the rapid development of our green hydrogen project and launch this new global fuel source on the international stage. I look forward to working with the TÜV SÜD team as we look to certify our transformational green hydrogen ambitions in Pakistan and establish the first facility of its kind in this country."
Dr Naveed Akhtar, CTO, Oracle Energy commented: "We are pleased to get a competent review from TÜV SÜD early in the process of our green hydrogen project development. We understand that in order to prepare for green hydrogen and green ammonia international export, the certification of green molecules is essential and this LOI is the first step in this direction."
*ENDS*
For further information:
Oracle Power PLC +44 (0) 203 580 4314
Naheed Memon - CEO
Strand Hanson Limited (Nominated Adviser & Broker) +44 (0) 20 7409 3494
Rory Murphy, James Harris, Rob Patrick
St Brides Partners Limited (Financial PR) +44 (0) 20 7236 1177
Susie Geliher, Catherine Leftley
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. The Company is active in the energy 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.
Oracle Energy has been set up as the project development company and is funded on a 70:30 basis by Kaheel Energy (100% owned by His Highness Shaikh Ahmed Dalmook Al Maktoum) and Oracle Power respectively. The project development company provides a vehicle to support the accelerated development of the green hydrogen project to meet the growing international and domestic demand of green hydrogen and clean energy.
The Company also continues to advance towards the development of its Thar Block VI Project in south-east Pakistan into a mine, a power plant and a proposed coal gasification project.
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.
About TÜV SÜD:
TÜV SÜD is a leading provider of safety, security and sustainability solutions. Over the last 150 years, sustainability and safety continue to be the backbone of the Company's mission and services. TÜV SÜD offers effective support on reaching customer goals, while the CMS 70 certification covers the entire value chain. Businesses profit from the high brand recognition that TÜV SÜD provides, along with a high market acceptance and a standing for robustness, reliability, and stability. TÜV SÜD provides a guaranteed proof of origin alongside the green hydrogen certification, allowing companies to showcase their commitment to a sustainable, future-proof energy supply and provide upstream product emission information to their customers.