Last checked at 8 Feb 2022 07:00
08 February 2022
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Green Hydrogen Project Update
Publication of Information Memorandum
Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to share a short Information Memorandum in relation to the Company's proposed green hydrogen project in Pakistan.
The Information Memorandum provides an overview of the project, including proposed capacity, specifications of the facility, targeted market, expected costs, pricing goals and a development update. Energy from green hydrogen production is internationally regarded as a key potential fuel for a carbon neutral future and hydrogen production projects are increasingly being adopted internationally. Oracle is well positioned and plans to be the first to set up a hydrogen production facility in Pakistan, a targeting a globally competitive cost of approximately US$2 per kg of Hydrogen.
Oracle is confident that the planned facility would produce green hydrogen at a relatively low price given the decreasing cost of renewable power and the comparative advantage of low cost production in Pakistan. The project aims to bring the cost of green hydrogen below US$2 per kg once operational at full capacity.
The Information Memorandum document is available on the Company's website at the link below and will be shared with potential investors/partners in the project.
http://www.oraclepower.co.uk/investor-relations/presentations/
Dr Naveed Akhtar, Chief of Technology - Hydrogen, commented: "It is encouraging to see the potential for Oracle's Green Hydrogen Facility and I see that there is real possibility of producing green hydrogen at competitive prices for the market in China, South Asia and Europe."
Naheed Memon, CEO of Oracle, commented: "We are making good progress in a short time since signing the Co-Operation Agreement with PowerChina. Green hydrogen has been dubbed as the 'fuel of the future' and Oracle is in the exciting position to be a first mover in Pakistan and, at the competitive price that is being targeted, is set to be in a strong position in the international market as well."
*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) 20 3580 4314
Strand Hanson Limited (Nominated Adviser)
Rory Murphy, James Harris, Rob Patrick +44 (0) 20 7409 3494
Shard Capital (Broker)
Damon Heath, Isabella Pierre +44 (0) 20 7186 9952
St Brides Partners Limited (Financial PR)
Susie Geliher, Catherine Leftley, Selina Lovell +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 holds two highly prospective gold assets in two globally significant gold regions of Western Australia. The Northern Zone Project is 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, and the Jundee East Gold Project is located ~9km east of Northern Star's Jundee Gold Mine, one of Australia's largest gold mines.
The Company is also active in the power industry in Pakistan and is working to establish a green hydrogen production facility in association with PowerChina. 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.