TIDMORCP
RNS Number : 0737S
Oracle Power PLC
07 March 2023
7 March 2023
Oracle Power PLC
("Oracle", the "Company" or the "Group")
Strategic MoU for Green Hydrogen Project with World's Largest
Utility
Oracle Power PLC (AIM: ORCP), a developer of green hydrogen
production through its joint venture Oracle Energy Limited ("Oracle
Energy"), announces a strategic Memorandum of Understanding ("MoU")
with China Electric Power and Technology Co., Ltd ("CET") to
potentially develop, finance, construct, operate and maintain
Oracle Energy's Green Hydrogen Project in Thatta, Sindh Province,
Pakistan (the "Green Hydrogen Project").
CET is a wholly-owned subsidiary of State Grid Corporation of
China, the largest power producer in the world by revenue in 2021.
The MoU with CET, which has a mandate to finance, build, operate
and maintain large renewable power generation projects within and
outside of China, is focused on accelerating the development of
Oracle Energy's Green Hydrogen Project, which includes the
construction of a Hybrid Renewable Energy Production and Storage
facility, combining 700MW of solar and 500MW of wind power, and
battery storage.
The planned Green Hydrogen Production facility, when fully
commissioned, would produce an estimated 150,000kg of hydrogen per
day (55,000 tons per annum), and would be one of the largest such
projects in Asia ("Green Hydrogen Project"). Feasibility work on
the potential production of green hydrogen and green ammonia
commenced in Q4 2022 with Thyssenkrupp, the German multinational
engineering company, with initial results due in Q2 2023.
The MoU follows the successful acquisition by Oracle Energy of
State land by way of a long lease for 30-years with the Government
of Sindh, for a land package of 7,000 acres (approximately 28.3
km(2)).
Commenting on the MoU with CET, His Highness Sheikh Ahmed
Dalmook Al Maktoum, who owns 70% of Oracle Energy, and is an active
investor and developer of a number of power generation projects
across the Middle East, Asia and Africa, stated:
"Oracle Energy's vision of developing one of the largest green
hydrogen production facilities globally has taken significant
strides towards being realised through partnering with State Grid
of China, the largest power utility in the world. Having acquired
the required land to build the project late in 2022, and having
made significant progress in planning the construction of the Green
Hydrogen Production facility with Thyssenkrupp, Oracle Energy is
looking to fast-track the development of the Project by partnering
with one of the world's leading companies, which has both financing
capability, as well as significant experience of constructing large
power projects globally. We look forward to working closely with
CET and our other world class partners in maintaining this
extraordinary momentum as we fulfil our stated strategy of being
primarily focused on green energy development."
Commenting on the MoU with Oracle Energy, Mr Wang Bo, Vice
General Manager of CET, said:
"We are very excited about the prospect of potentially
financing, constructing and operating what will be Pakistan's
largest renewable power facility, a crucial process to bringing the
Green Hydrogen Project to the international markets for this
crucial source of energy. The value of Oracle Energy's expertise
and knowledge of the Pakistani energy market, combined with the
highly respected Partners they already have, will be crucial in
making this project not only a reality, but also one of
significance from a global perspective."
For further information:
O racle Power
N aheed Memon (Chief Executive Officer) +44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser & Broker)
Rory Murphy, Matthew Chandler, Rob Patrick +44 (0) 20 7409 3494
Buchanan
Bobby Morse / Oonagh Reidy/ Abigail Gilchrist +44 (0) 203 7466
5000
oracle@buchanan.uk.com
Background information:
About CET Ltd
CET is a wholly-owned subsidiary of State Grid Corporation of
China, with a branch in Pakistan for market development and
expansion. It works as a general contracting platform for overseas
power grid investment-construction-operation integration projects.
Its core business is to undertake the construction of overseas
power grid infrastructure and transnational cross-regional
interconnection projects.
State Grid Corporation of China is a state-owned enterprise and
the world's largest utility company, with a focus on the
generation, transmission, and distribution of electric power. As of
2021, it had total assets of over $700 billion USD and annual
revenue exceeding $350 billion USD.
About Oracle Power PLC
Oracle Power PLC is an international natural resource and power
project developer quoted on London's AIM market. 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 Sheikh 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 Sheikh 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.
Green Hydrogen Project
Oracle Energy's flagship Green Hydrogen Project is targeting
annual production of 55,000 tonnes of Green Hydrogen (equivalent to
the production of 150,000 kg of hydrogen per day). 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.
Oracle Energy has made rapid progress in the development of the
project to date. In October this year, it appointed ThyssenKrupp to
lead the technical and commercial feasibility study for Green
Hydrogen and Green Ammonia, due to be completed in H1 2023. The
Company is in advanced discussion with multiple partners across the
value chain and has signed MoU's and non-exclusive cooperation
agreements including one with the green hydrogen certifier, TÜV
SÜD.
Market for Green Hydrogen
The demand for green hydrogen could reach up to 660 million
metric tons by 2050, representing 22% of the total energy demand
globally, as the world transitions to a net-zero carbon economy.
This demand is expected to increase exponentially across various
sectors, including mobility, industry, and power.
Pakistan has set a target of meeting 30% of its energy
requirements from renewable sources by 2030, and domestic hydrogen
production could play a crucial role in achieving this goal. Oracle
Energy has signed an MOU for offtake with EGA (Emirates Global
Aluminium) for its Green Hydrogen output, and is also looking at
potential supply to domestic utility companies and industries. The
Company is also in dialogue with other potential off-takers in
large Green Hydrogen markets, including China, Japan and Korea.
-ENDS-
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March 07, 2023 02:00 ET (07:00 GMT)
Oracle Power (AQSE:ORCP.GB)
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