REG - Chariot Limited - Completion of Feasibility Study - Green Hydrogen

ChariotAnnouncement

11/03/2024 07:00

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RNS Number : 2462G  Chariot Limited  11 March 2024

 

 

 

11 March 2024

 

Chariot Limited

("Chariot" or "the Company")

 

Completion of Feasibility Study on Green Hydrogen Project in Mauritania

 

Confirms world class potential, outlines first phase planning for domestic
offtake and export development

 

Chariot, the Africa focused transitional energy group, is pleased to announce
the completion of the Feasibility Study for the large-scale green hydrogen
project "Project Nour" in Mauritania which has now been presented to the
Government of Mauritania. Project Nour is equally owned through a 50%/50%
partnership between Chariot's fully owned subsidiary Chariot Green Hydrogen
and TE H2, a company co-owned by TotalEnergies and EREN Group, and is being
developed with the support of Mauritania's Ministry of Petroleum, Energy and
Mines.

 

Highlights:

·      Further definition of the scale and viability of the project,
building on the Pre-Feasibility Study completed in 2022 which confirmed that
with up to 10 GW of electrolysis installed, Project Nour could become one of
the largest green hydrogen projects globally

·     Intention to execute a phased development with a first phase
renewable capacity of 3 GW, powering up to 1.6 GW of electrolysis capacity, to
produce 150 kt of green hydrogen per annum

·      Offtake possibilities: domestic use for green steel production
and export of green ammonia

·      Geographical proximity to Europe and existing deep-sea port at
Nouadhibou provides favorable export options

·      Sustainable economic development with local content plan aimed at
maximizing employment and business opportunities in Mauritania

·      Completed in compliance with Equator Principles and IFC
Performance Standards

·      Next steps include completion of investment framework,
engineering conceptual study and offtake negotiations

 

H.E. Minister Nani Chrougha of the Mauritanian Ministry of Petroleum, Mines
and Energy, commented: "With the completion of the feasibility study of
Project Nour, Mauritania has just taken an important step forward on the path
to realising its green hydrogen ambitions. We are fully committed to the
development of this sector, our aim is to be the largest producer and exporter
of hydrogen on the African continent and we believe that Project Nour could
support this objective.

 

We are pleased to have recently received considerable, high-level support from
the European Commission, with Mauritania being selected as a key partner in
the EU's Global Gateway initiative for future hydrogen exports and green steel
production. This highlights opportunities that will be mutually beneficial in
the long term. Our will is firm to continue to coordinate with our partners
and encourage the industry through the development of major energy projects
such as Nour."

 

Laurent Coche Chariot Green Hydrogen CEO commented, "This Feasibility Study
further corroborates how important this project stands to be within the
context of the future green hydrogen market. Nour's size and scale has the
potential to have a material impact both as a domestic and export producer and
we are proud to have set the development along this path. With TE H2 and the
Government we will continue to look at how best to bring it into production to
maximise value in the near and long term for the benefit of all stakeholders."

 

 

Enquiries

 

 Chariot Limited                                              +44 (0)20 7318 0450

 Adonis Pouroulis, CEO

 Julian Maurice-Williams, CFO

 Cavendish Capital Markets Limited (Nomad and Joint Broker)   +44 (0)131 220 9778

 Derrick Lee, Adam Rae

 Stifel Nicolaus Europe Limited (Joint Broker)                +44 (0) 20 7710 7760

 Callum Stewart, Ashton Clanfield
 Celicourt Communications (Financial PR)                      +44 (0) 20 7770 6424

 Mark Antelme, Jimmy Lea

 

NOTES FOR EDITORS:

 

About Chariot

 

Chariot is an Africa focused transitional energy group with three business
streams, Transitional Gas, Transitional Power and Green Hydrogen.

 

Chariot Transitional Gas is focused on a high value, low risk gas development
project offshore Morocco in a fast-growing emerging economy with a clear route
to early monetisation, delivery of free cashflow and material exploration
upside.

 

Chariot Transitional Power is focused on providing competitive, sustainable
and reliable energy and water solutions across the continent through building,
generating and trading renewable power.

 

Chariot Green Hydrogen is partnering with Total Eren and the Government of
Mauritania on the potential development of a 10GW green hydrogen project,
named Project Nour.

 

The ordinary shares of Chariot Limited are admitted to trading on the AIM
under the symbol 'CHAR'.

 

https://chariotenergygroup.com (https://chariotenergygroup.com)

 

 

 

 

 

 

 

 

 

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