RCS - Oracle Power PLC - Hydrogen Storage & Hydrogen Refuelling MOU

Oracle PowerAnnouncement

15/06/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220615:nRSO8380Oa&default-theme=true

RNS Number : 8380O  Oracle Power PLC  15 June 2022

15 June 2022

Oracle Power PLC

("Oracle" or the "Company")

 

Hydrogen Storage & Hydrogen Refuelling

Non-binding MoU with Jiangsu Guofu Hydrogen Energy Equipment Co.

 

Oracle Power PLC (AIM:ORCP), the international natural resources project
developer, is pleased to announce that its joint venture company, Oracle
Energy Limited ("Oracle Energy"), has signed a non-binding Memorandum of
Understanding ("MoU") with Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd
("Guofuhee") (together, the "Parties") with the objective of working together
to explore hydrogen storage and hydrogen refuelling infrastructure
opportunities as a part of Oracle Energy's 400MW green hydrogen project in
Pakistan (the "Project").

 

Highlights:

 

·    MoU with a leading and internationally recognised specialist in
liquid hydrogen vessels, hydrogen pressure devices and hydrogen refuelling
stations to support the commercialisation of Oracle Energy's 400MW green
hydrogen project in Pakistan and internationally.

·    The Parties will jointly investigate hydrogen storage solutions to
facilitate the delivery of hydrogen to the international markets including
South Korea, Japan, China and Europe.

·    Hydrogen storage solutions to access international markets will
complement Oracle Energy's domestic strategy within Pakistan, which is
expected to focus on domestic mobility decarbonisation, and Guofuhee will
offer its hydrogen refuelling solutions for both light duty and heavy-duty
applications.

 

Naheed Memon, CEO of Oracle, commented:

 

"This is another big leap forward in our journey to bringing our 400MW green
hydrogen project to fruition and lays the foundations for a route to the
commercialisation of hydrogen on the international market.  With the
continued backing of His Highness Shaikh Ahmed Dalmook Al Maktoum, our 70%
joint venture partner, we are well positioned to move forward with the
technical, financial and commercial aspects of the Project, and deliver this
ground-breaking opportunity for Pakistan to develop a significant,
domestically produced and affordable energy source with exceptional green
credentials."

 

*ENDS*

 

For further information on Oracle Power PLC, visit the Company's website
http://www.oraclepower.co.uk (http://www.oraclepower.co.uk) or contact:

 

Oracle Power PLC

Naheed Memon -
CEO
+44 (0) 203 580 4314

 

 

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.  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.

 

The Company is also active in the power 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.  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.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAGPUAAQUPPGGC