REG - Oracle Power PLC - LOI with TÜV SÜD on Green Hydrogen Certification

Oracle PowerAnnouncement

14/11/2022 07:00

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RNS Number : 1871G  Oracle Power PLC  14 November 2022

14 November 2022

Oracle Power PLC

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

 

LOI with TÜV SÜD on Green Hydrogen & Green Ammonia Certification

 

Oracle Power PLC (AIM:ORCP), the international natural resources project
developer, is pleased to announce that its subsidiary, Oracle Energy, has
signed a letter of Intent ("LOI") with TÜV SÜD to explore green hydrogen and
green ammonia certification relating to the green hydrogen project in
development in Pakistan.

 

TÜV SÜD is a renowned, independent third-party partner with long-standing
expertise in certification of hydrogen from renewable sources which covers the
entire hydrogen value chain.  Oracle Energy and TÜV SÜD (together the
"Parties") have agreed that TÜV SÜD will review the project design of Oracle
Energy's proposed 400MW capacity green hydrogen plant with annual production
capacity of 55,000 tonnes with a view to certifying the green credentials of
the proposed production of green hydrogen and ammonia.  It is anticipated
that this will include all value chain processes including compression,
storage, conversion, transport to end customer.

 

Environmental certification is a key component of green hydrogen
development.  The European Union's renewable energy directive 2 (RED II)
outlines several legal requirements for renewable fuels of non-biological
origin (RFNBOs) such as green hydrogen and green ammonia to be produced by
green electricity and must obtain necessary "Guarantees of Origin" or "Green
Certification" before it is exported to Europe. Certified green hydrogen can
be traced back to clearly identifiable and quantifiable sources and is the
only hydrogen that is substantially sustainable, with low to no carbon dioxide
emissions throughout the production process. TÜV SÜD offers its own CMS 70
Green Hydrogen certification alongside external standard certifications such
as ISCC Plus and CertifHy, where necessary.

 

Under the terms of the LOI, the two Parties will have the following tasks:

 

a)    Oracle Energy shall take a lead in developing user relationships and
customers in Pakistan;

b)  TÜV SÜD will conduct document validation and necessary site audits as
and when required for the purpose of issuing green hydrogen and green ammonia
certification;

c)    Oracle Energy shall facilitate TÜV SÜD in providing all necessary
documentation, site-visits to ensure the certification process is arranged as
smooth as possible; and

d)  Oracle Energy shall pursue the necessary documentation for certification
with the selected feasibility study partner and feedback accordingly

 

Oracle Energy's LOI with TÜV SÜD builds on its recent technical and
commercial feasibility study contract with thyssenkrupp Uhde (announced 19
October 2022) which will provide necessary documentation for the greenhouse
gas (GHG) emission calculations of the green hydrogen value chain processes.
The necessary paperwork will be exchanged with TÜV SÜD to perform a critical
review and feedback on the certification process.

 

Naheed Memon, CEO, Oracle Power commented: "Certification to demonstrate that
our hydrogen project is indeed 'green' is a critical aspect of our development
process and is a prerequisite of international export and also for investment
by sustainable and ESG-focussed investors. We are assembling a team of experts
of the highest calibre to support the rapid development of our green hydrogen
project and launch this new global fuel source on the international stage.  I
look forward to working with the TÜV SÜD team as we look to certify our
transformational green hydrogen ambitions in Pakistan and establish the first
facility of its kind in this country."

 

Dr Naveed Akhtar, CTO, Oracle Energy commented: "We are pleased to get a
competent review from TÜV SÜD early in the process of our green hydrogen
project development. We understand that in order to prepare for green hydrogen
and green ammonia international export, the certification of green molecules
is essential and this LOI is the first step in this direction."

 

 

*ENDS*

 

For further information:

 

Oracle Power PLC
 
+44 (0) 203 580 4314

Naheed Memon - CEO

 

Strand Hanson Limited (Nominated Adviser &
Broker)                                  +44
(0) 20 7409 3494

Rory Murphy, James Harris, Rob Patrick

 

St Brides Partners Limited (Financial PR)
                                  +44 (0) 20 7236 1177

Susie Geliher, Catherine Leftley

 

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.

 

About TÜV SÜD:

TÜV SÜD is a leading provider of safety, security and sustainability
solutions. Over the last 150 years, sustainability and safety continue to be
the backbone of the Company's mission and services. TÜV SÜD offers effective
support on reaching customer goals, while the CMS 70 certification covers the
entire value chain. Businesses profit from the high brand recognition that
TÜV SÜD provides, along with a high market acceptance and a standing for
robustness, reliability, and stability. TÜV SÜD provides a guaranteed proof
of origin alongside the green hydrogen certification, allowing companies to
showcase their commitment to a sustainable, future-proof energy supply and
provide upstream product emission information to their customers.

 

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