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24 February 2023
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Oracle Power joins Dii Desert Energy Organization
Oracle Power PLC (AIM: ORCP), a developer of green hydrogen production through its subsidiary, Oracle Energy Limited ("Oracle Energy"), is pleased to announce that Oracle Energy has joined the Dii Desert Energy ("Dii") as an Associate Partner. Dii, an organization whose mission is to harness emission-free energy from the desert areas of the Middle East and North Africa ("MENA"), is an exclusive and highly influential independent network, which includes leading global energy-related businesses, including Shell, EDF, Siemens Energy, Thyssenkrupp, E.ON, China Electric Power, and ACWA Power, as well as investor groups including EBRD, Investcorp, and other groups such as the National Hydrogen Council, the GCCIA, and the League of Arab States.
Oracle Energy's involvement will be specifically targeted at Dii's MENA Hydrogen Alliance, launched in 2020, which brings together private and public sector companies, and science and academic bodies, to kick-start local hydrogen economies and explore export revenue opportunities, substituting fossil fuels and leveraging existing infrastructure including gas pipelines. Oracle Energy's strategy is to further build on its existing relationships with blue chip companies including Thyssenkrupp and Emirates Global Aluminium, and leverage its membership of Dii with financiers, policy makers, technology companies and offtakers, to accelerate the commercialisation of Oracle Energy's flagship Green Hydrogen Project in the province of Sindh, Pakistan, which when constructed, is expected to produce 55,000 tonnes of green hydrogen per annum.
Naheed Memon, Chief Executive Officer of Oracle Energy, will be a key participant on the Structuring Contracts & Securing Bankable Offtake Agreements panel on Wednesday 01 March at the second annual World Hydrogen MENA Forum in Dubai (27 February to 2 March 2023), a conference which is co-hosted by Dii, which will bring together key stakeholders to harness the opportunities of developing significant clean hydrogen projects in the MENA and broader region.
*ENDS*
Green Hydrogen Project
Oracle Energy's flagship Green Hydrogen Project in Sindh, Pakistan is targeting annual production of 55,000 tonnes of Green Hydrogen (equivalent to the production of 150,000 kg of hydrogen per day). Oracle Energy intends to supply its production to local industries supporting manufacturing, fertiliser production, gas utilities, transport and power generation, and also to export to European and Asian markets.
Oracle Power's joint venture partner, His Highness Sheikh Ahmed Dalmook Al Maktoum, who owns 70% of Oracle Energy through Kaheel Energy FZE, is an active investor and developer of a number of power generation projects across the Middle East, Asia and Africa.
The Project plans the development of solar and wind power facilities with a combined output of 1.2 GW hybrid power from proposed capacity 700MW solar and 500MW wind plants, along with a battery storage park of up to 450 MW, to ensure the continuous production of hydrogen throughout the year.
Dii Desert Energy
Founded in 2009, Dii Desert Energy is an independent, international network operating from Dubai, which is paving the way for the energy transition in the Middle East and North Africa (MENA) region and beyond.
It aims to transform the energy systems in desert areas of MENA in a holistic way, benefitting from the knowledge, expertise, and business connections from its professional staff and partners, including the top-level Advisory Board. Dii's team consists of well-respected senior figures in the international energy industry, with experience in green energy system management, projects, investments, regulations and public policy.
For further information:
Oracle Power PLC Naheed Memon - CEO | +44 (0) 203 580 4314 |
Buchanan (Financial PR) Oonagh Reidy/ Abigail Gilchrist | +44 (0) 203 7466 5000 |
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.