RCS - Oracle Power PLC - Oracle Energy Signs MoU on Fuel Cell Development

Oracle PowerAnnouncement

14/03/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230314:nRSN8176Sa&default-theme=true

RNS Number : 8176S  Oracle Power PLC  14 March 2023

 

 

14 March 2023

 

Oracle Power PLC

 

("Oracle", the "Company" or the "Group")

 

Oracle Energy Signs MoU on Fuel Cell Development with Doosan Fuel Cell and
HyAxiom

 

 

Oracle Power PLC (AIM: ORCP), a leading developer of Green Hydrogen, is
pleased to announce that its subsidiary, Oracle Energy, has signed a
non-binding Memorandum of Understanding (MoU) with industry leaders Doosan
Fuel Cell Co., Ltd ("Doosan Fuel Cell"), the Korean fuel cell and hydrogen
company, and HyAxiom Inc. ("HyAxiom"), a leading global fuel cell and hydrogen
solution provider, to jointly explore fuel cell opportunities for industrial
power generation in Pakistan.

 

Oracle is to develop a Green Hydrogen production project (the "Project") in
Pakistan, which is expected to produce approximately 55,000 tonnes of high
purity green hydrogen annually. Located in the designated wind corridor in the
province of Sindh in southern Pakistan, the Project is expected to deploy
700MW solar, 500MW wind power and battery storage to produce green hydrogen.

 

Doosan Fuel Cell is a market leader in the stationary fuel cell market and is
an expert in the mass production and service of utility-scale fuel cells and
for the stationary power market. HyAxiom, a US-headquartered subsidiary of
Doosan Group, develops, manufactures and services stationary hydrogen fuel
cells.

 

Under the MoU, the parties have agreed to jointly explore the fuel cell
development opportunities for industrial power generation in Pakistan using
green hydrogen to be supplied by Oracle Energy's Green Hydrogen Project. This
joint development programme presents a solution to provide sustainable power
to large scale heavy industry, which is currently suffering on account of
critical gas shortages.

 

The MoU outlines the scope of work to be undertaken by the Parties including:

 

•     Oracle Energy undertakes to provide the industrial power
generation requirements along with available green hydrogen capacity and will
ensure that sufficient green hydrogen supply is available for each phase of
the project.

•     Doosan Fuel Cell and HyAxiom will work together with Oracle Energy
to explore and assist in setting-up a joint fuel cell development program for
industrial power generation for up to a capacity of 50 MW.

•     Oracle and Doosan Fuel Cell and HyAxiom agree to jointly work to
evaluate the levelized cost of electricity generated by the fuel cells.

•     The parties agree to explore the domestic market in Pakistan for
industrial power generation, which could overcome the natural gas supply
shortage and also decarbonize the sector.

 

The green hydrogen expected to be produced by the Project could be compressed
and stored in gaseous form, converted to liquid hydrogen or ammonia, depending
on the offtake requirements. Part of the green hydrogen production may be
utilised in Doosan Fuel Cells for zero-emission power generation to compensate
for the electrical power shortage in the domestic industrial sector. Due to
the shortage of natural gas supply within Pakistan and high import prices,
green hydrogen is poised to become an attractive solution to meet the nation's
increasing energy requirements and also assist in reducing its carbon
emissions.

 

Furthermore, under the MoU, Oracle Energy will further explore the domestic
industrial market where the hydrogen is available as a by-product including in
chemical refineries, chlor-alkali and similar petrochemical plants. The
by-product hydrogen can then be directly fed to Doosan Fuel Cells for
electrical power generation without any high-level purity requirements, which
would otherwise be the case for low-temperature fuel cells.

 

Naheed Memon, CEO of Oracle, commented:

"Oracle Energy's collaboration with Doosan Fuel Cell and HyAxiom sets up yet
another potential market for the 55,000 tonnes of clean energy output from our
planned flagship Green Hydrogen Project in Pakistan, as we will work towards
establishing a prototype industrial power unit to provide power to large-scale
industry. This is a significant move towards developing a sustainable energy
transition in Pakistan and globally as the world shifts to Net Zero. As a
first mover in the nascent green hydrogen space in Pakistan, we look forward
to working with our partners to develop innovative and cost effective fuel
cell solutions to power the Fifth Industrial Revolution."

 

For further information:

 Oracle Power                                   +44 (0) 203 580 4314

 Naheed Memon (Chief Executive Officer)

 

Buchanan

Bobby Morse / Oonagh Reidy/ Abigail Gilchrist
                              +44 (0) 203 7466 5000

 
 
                       oracle@buchanan.uk.com
(mailto:oracle@buchanan.uk.com)

 

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.

 

About Doosan Fuel Cell Co., Ltd

Doosan Fuel Cell is a global market leader in utility scale fuel cells with
expertise in mass production, service and for the stationary power market
based in the Republic of Korea. Doosan Fuel Cell is also diversifying its fuel
cell offerings through new developments. The company's expertise in mass
production and stationary power market has positioned it as a global market
leader in utility-scale fuel cells. Doosan Fuel Cell's commitment to
innovation and diversification of its fuel cell offerings has enabled it to
stay ahead of the curve in the rapidly evolving energy industry.

 

About HyAxiom, Inc.

HyAxiom, Inc. is a leading global fuel cell and hydrogen solutions provider,
enabling reliable, cost-competitive, and carbon-free energy sources for
industrial and commercial uses.

Building upon decades of experience in fuel cell development, HyAxiom's
mission is to accelerate a sustainable energy future by delivering a full
spectrum of hydrogen solutions including fuel cells for both stationery and
mobility applications as well as electrolyzers for hydrogen production.

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  NRAFLFLAVAIVLIV