RCS - Oracle Power PLC - MoU with U.S. Hydrogen Fuel Cell Company

Oracle PowerAnnouncement

27/06/2022 07:00

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RNS Number : 2085Q  Oracle Power PLC  27 June 2022

 

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:

 Oracle Power PLC                           +44 (0) 203 580 4314

 Naheed Memon - CEO
 St Brides Partners Limited (Financial PR)  +44 (0) 20 7236 1177

 Susie Geliher, Selina Lovell

 

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.

 

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