TIDMORCP
RNS Number : 3249D
Oracle Power PLC
19 October 2022
19 October 2022
Oracle Power PLC
("Oracle" or the "Company")
thyssenkrupp Uhde Appointed for Green Hydrogen Project to
Undertake Technical & Commercial Feasibility Study for Green
Hydrogen and Green Ammonia Plant
Oracle Power PLC, the international natural resources project
developer, is pleased to announce the appointment of thyssenkrupp
Uhde, an international leader in engineering, procurement,
construction, and service of chemical plants, to lead the technical
and commercial feasibility study for the green hydrogen and ammonia
project, being developed by the Company's joint venture company,
Oracle Energy Limited ("Oracle Energy"). The study is planned to
commence shortly with the final report expected to be delivered in
H1 2023. Oracle's share of the cost for the study is expected to be
funded from current cash resources.
Oracle Energy is targeting a 400MW capacity green hydrogen
production facility, with annual production of 55,000 tonnes of
green hydrogen (the "Project"). The Project is located in the
designated wind corridor in the province of Sindh in southern
Pakistan and is expected to deploy 700MW solar and 500MW wind power
to produce green hydrogen. As the hydrogen will be converted to
green ammonia in the Project, the Company has selected thyssenkrupp
Uhde for the study, an internationally recognised leader in green
ammonia development and execution. Its sister company, thyssenkrupp
nucera, is a global leader in water electrolysis technology for
green hydrogen production and is the technology supplier for the
NEOM Project in Saudi Arabia, which is expected to become one of
the largest green hydrogen projects globally. In September 2022,
Brooge Renewable Energy Ltd also engaged thyssenkrupp Uhde to
undertake the technical study of its planned green hydrogen and
green ammonia plant in Abu Dhabi and thyssenkrupp is also
integrating its technologies in a green hydrogen and green ammonia
project by the Emirati company Helios Industry.
CEO of Oracle, Naheed Memon, commented: "thyssenkrupp is an
undisputed heavyweight in the emerging commercial hydrogen industry
and to have them leading our project technical and commercial
feasibility study forward is a clear signal of the enormous
potential value of this project. As a pioneer in the industry,
thyssenkrupp's expertise is highly sought after and I believe their
agreement to support us is testament to the opportunity we have for
establishing a facility in Pakistan to produce what is becoming the
new global fuel, which is in critical demand, as the world
transitions to green energy.
"thyssenKrupp has a proven track record of advancing green
hydrogen and green ammonia projects, and we will be leveraging that
expertise to ensure our project in Pakistan becomes a benchmark in
green hydrogen development and execution. I look forward to
reporting on the outcomes of the technical and feasibility study,
which we expect to present in H1 2023."
Dr. Naveed Akhtar, CTO of Oracle Energy, commented: "We are
delighted to have thyssenkrupp onboard, their decades of experience
in the hydrogen and ammonia business will be very valuable to our
green hydrogen project as we embark on this very exciting
journey."
His Highness Shaikh Ahmed Dalmook Al Maktoum commented: "This
appointment is the result of a detailed and mutual selection
process by Oracle Energy and thyssenkrupp. thyssenkrupp brings with
it world-leading expertise and experience in green hydrogen and
green ammonia execution, and Oracle Energy has the vision, local
knowledge and networks, and commercial and financial frameworks to
bring this project to fruition. This is a huge step forward for
Oracle Energy and we look forward to working with thyssenkrupp on
this important new development."
Green Hydrogen Project Feasibility Study
As a part of the feasibility study, hydrogen production and
ammonia production/reconversion capacities will be determined and
confirmed based on 700MW solar and 500MW wind power capacity and
profile. The required power input (MW) for 150 tonnes/day of green
hydrogen production will be estimated during the study. The
detailed techno-economic modelling study will be performed
providing cost estimates for plant OPEX & CAPEX, processes and
plant layout, project execution schedule, technology information
and carbon intensity of the hydrogen value chain. The study will
also consider different scenarios for end use e.g., industrial
grade gaseous hydrogen, high-purity mobility grade gaseous
hydrogen, liquid hydrogen transport to end-users in Asia, in
addition to conversion to ammonia and transportation for customers
in Europe & Asia for direct use or re-conversion to green
hydrogen for end-users.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014, which forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
*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) 203 580 4314
Strand Hanson Limited (Nominated Adviser and Broker)
Rory Murphy, James Harris, Rob Patrick +44 (0) 20 7409 3494
St Brides Partners Limited (Financial PR)
Susie Geliher, Catherine Leftley +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
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 thyssenkrupp Uhde
thyssenkrupp Uhde combines unique technological expertise and
decades of global experience in the engineering, procurement,
construction, and service of chemical plants. They develop
innovative processes and products for a more sustainable future and
thus contributes to the long-term success of customers in almost
all areas of the chemical industry. Its portfolio includes leading
technologies for the production of basic chemicals, fertilizers,
and polymers as well as complete value-chains for green hydrogen
and sustainable chemicals.
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END
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October 19, 2022 02:00 ET (06:00 GMT)
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