RCS - Oracle Power PLC - Oracle Power joins Dii Desert Energy Organization

Oracle PowerAnnouncement

24/02/2023 07:00

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RNS Number : 9073Q  Oracle Power PLC  24 February 2023

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24 February 2023

 

Oracle Power PLC

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

 

Oracle Power joins Dii Desert Energy Organization

 

 

Oracle Power PLC (AIM: ORCP), a developer of green hydrogen production
through its subsidiary, Oracle Energy Limited ("Oracle Energy"), is pleased to
announce that Oracle Energy has joined the Dii Desert Energy ("Dii") as an
Associate Partner.  Dii, an organization whose mission is to harness
emission-free energy from the desert areas of the Middle East and North Africa
("MENA"), is an exclusive and highly influential independent network,  which
includes leading global energy-related businesses, including Shell, EDF,
Siemens Energy, Thyssenkrupp, E.ON, China Electric Power, and ACWA Power, as
well as investor groups including EBRD, Investcorp, and other groups such as
the National Hydrogen Council, the GCCIA, and the League of Arab States.

 

Oracle Energy's involvement will be specifically targeted at Dii's MENA
Hydrogen Alliance, launched in 2020, which brings together private and public
sector companies, and science and academic bodies, to kick-start local
hydrogen economies and explore export revenue opportunities, substituting
fossil fuels and leveraging existing infrastructure including gas pipelines.
Oracle Energy's strategy is to further build on its existing relationships
with blue chip companies including Thyssenkrupp and Emirates Global Aluminium,
and leverage its membership of Dii with financiers, policy makers,
technology companies and offtakers, to accelerate the commercialisation of
Oracle Energy's flagship Green Hydrogen Project in the province of Sindh,
Pakistan, which when constructed, is expected to produce 55,000 tonnes of
green hydrogen per annum.

 

Naheed Memon, Chief Executive Officer of Oracle Energy, will be a key
participant on the Structuring Contracts & Securing Bankable Offtake
Agreements panel on Wednesday 01 March at the second annual World Hydrogen
MENA Forum in Dubai (27 February to 2 March 2023), a conference which is
co-hosted by Dii, which will bring together key stakeholders to harness the
opportunities of developing significant clean hydrogen projects in the MENA
and broader region.

 

*ENDS*

 

Green Hydrogen Project

 

Oracle Energy's flagship Green Hydrogen Project in Sindh, Pakistan is
targeting annual production of 55,000 tonnes of Green Hydrogen (equivalent to
the production of 150,000 kg of hydrogen per day). Oracle Energy intends to
supply its production to local industries supporting manufacturing, fertiliser
production, gas utilities, transport and power generation, and also to export
to European and Asian markets.

 

Oracle Power's joint venture partner, His Highness Sheikh Ahmed Dalmook Al
Maktoum, who owns 70% of Oracle Energy through Kaheel Energy FZE, is an active
investor and developer of a number of power generation projects across the
Middle East, Asia and Africa.

 

The Project plans the development of solar and wind power facilities with a
combined output of 1.2 GW hybrid power from proposed capacity 700MW solar and
500MW wind plants, along with a battery storage park of up to 450 MW, to
ensure the continuous production of hydrogen throughout the year.

 

Dii Desert Energy

Founded in 2009, Dii Desert Energy (https://dii-desertenergy.org/) is an
independent, international network operating from Dubai, which is paving the
way for the energy transition in the Middle East and North Africa (MENA)
region and beyond.

 

It aims to transform the energy systems in desert areas of MENA in a holistic
way, benefitting from the knowledge, expertise, and business connections from
its professional staff and partners, including the top-level Advisory Board.
Dii's team consists of well-respected senior figures in the international
energy industry, with experience in green energy system management, projects,
investments, regulations and public policy.

 

 

 

For further information:

 

 Oracle Power PLC                  +44 (0) 203 580 4314

 Naheed Memon - CEO
 Buchanan (Financial PR)           +44 (0) 203 7466 5000

 Oonagh Reidy/ Abigail Gilchrist

 

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.

 

 

 

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