MoU with U.S. Hydrogen Fuel Cell Company

27 June 2022

Oracle Power PLC

("Oracle", the "Company" or the "Group")

MoU with U.S. hydrogen fuel cell company to explore heavy-duty transport & port infrastructure development

Oracle Power PLC (AIM:ORCP), the international natural resources project developer, is pleased to announce that it has signed a non-binding Memorandum of Understanding ( "MoU") with Nuvera Fuel Cells LLC ("Nuvera") to jointly explore opportunities for de-carbonised heavy-duty transport and port infrastructure in Pakistan powered by green hydrogen.

Nuvera, headquartered in Massachusetts, is enabling hydrogen vehicle adoption. Nuvera manufactures heavy-duty, zero-emission fuel cell engines for mobility applications. With teams located in the U.S., Europe and Asia, Nuvera provides clean, safe and efficient products designed to meet the rigorous needs of industrial vehicles and other transportations markets. 

The MoU provides a framework in which Oracle and Nuvera will collaborate to identify and build relationships with customers in Pakistan, which may become an early adopter for zero-emission mobility. The two parties will also coordinate and work with the governments of Sindh and Pakistan to obtain required support for setting up for hydrogen mobility infrastructure. Oracle and Nuvera intend to cooperate in the demonstration of fuel cell-powered heavy-duty vehicles.

Naheed Memon, CEO of Oracle, commented:

"Building on our recent developments in the hydrogen industry, including our JV partnership supported by His Highness Shaikh Ahmed Dalmook Al Maktoum, the MoU with Nuvera provides us with a highly attractive opportunity to commercialise this ground-breaking fuel source. Working with Nuvera, a pioneer in zero-emission fuel cell engines, will equip Oracle with the technical expertise to bring the benefits of the clean, safe and highly efficient green hydrogen fuel cells to the industrial vehicle market in Pakistan. 

"Oracle is now carving out a prominent position in the southern-Asian energy and power industry, supported by influential, relevant and experienced partners, to advance our ambitions to establish and commercialise the first green hydrogen facility in Pakistan."

*ENDS*

For further information:

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 the Sindh Province through its joint venture company, Oracle Energy. The company's initial project is the Thar Block VI Project in south-east Pakistan where it is advancing plans for a combined lignite coal mine, a 1,320 MW mine mouth power plant and a proposed coal gasification to urea project.

ABOUT NUVERA FUEL CELLS, LLC

Nuvera Fuel Cells, LLC is a manufacturer of heavy-duty, zero-emission engines for mobility applications. With teams located in the U.S., Europe, and Asia, Nuvera provides clean, safe, and efficient products designed to meet the rigorous needs of industrial vehicles and other transportation markets.

Nuvera is a subsidiary of Hyster-Yale Group, Inc., which designs, engineers, manufactures, sells, and services a comprehensive line of lift trucks and aftermarket parts marketed globally primarily under the Hyster® and Yale® brand names. Hyster-Yale Group is a wholly owned subsidiary of Hyster-Yale Materials Handling, Inc. (NYSE:HY). Hyster-Yale Materials Handling, Inc. and its subsidiaries, headquartered in Cleveland, Ohio, employ approximately 8,100 people worldwide.