REG - Oracle Power PLC - MoU for Green Hydrogen Project Renewed

Oracle PowerAnnouncement

16/04/2025 07:00

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RNS Number : 1861F  Oracle Power PLC  16 April 2025

 

16 April 2025

 

Oracle Power PLC

("Oracle" or the "Company")

 

Strategic MoU for Green Hydrogen Project with World's Largest Utility Renewed

 

Oracle Power PLC (AIM: ORCP), a developer of green hydrogen production
through its joint venture Oracle Energy Limited ("Oracle Energy"), is pleased
to confirm that the strategic Memorandum of Understanding ("MoU") with China
Electric Power and Technology Co., Ltd ("CET") which was previously signed and
announced on 7 March 2023 and set to expire on 2 March 2025 to potentially
develop, finance, construct, operate and maintain Oracle Energy's Green
Hydrogen Project in Thatta, Sindh Province, Pakistan (the "Green Hydrogen
Project") has been renewed for an additional two years to 1 March 2027.

 

CET is a wholly-owned subsidiary of State Grid Corporation of China, which is
the largest utility company in the world and, as of March 2024, the third
largest company overall by revenue.  The MoU with CET, which has a mandate to
finance, build, operate and maintain large renewable power generation projects
within and outside of China, is focused on accelerating the development of
Oracle Energy's Green Hydrogen Project, which includes the construction of a
Hybrid Renewable Energy Production and Storage facility, combining 800MW of
solar and 500MW of wind power, and battery storage.

 

The planned Green Hydrogen Production facility, when fully commissioned, would
produce an estimated 150,000kg of hydrogen per day (55,000 tons per annum),
and would be one of the largest such projects in Asia.

 

Naheed Memon, CEO of Oracle, commented:

"Oracle Energy's vision of developing one of the largest green hydrogen
production facilities globally has progressed significantly towards being
realised through partnering with CET. We are grateful to this State Grid
subsidiary for its continued support. CET has so far successfully partnered
with Oracle Energy to complete the comprehensive technical and financial
Renewable Power Production and the crucial Interconnection Transmission Grid
studies. The extension of this important partnership is testament to CET's
commitment to the development of the project going forward. Oracle Energy is
looking to secure off-take arrangements and aims to complete financial
arrangements in the near term."

 

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

 

Oracle Power PLC

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

 

Strand Hanson Limited (Nominated Adviser & Broker)

Rory Murphy, Matthew Chandler, Rob
Patrick
+44 (0) 20 7409 3494

 

St Brides Partners Limited (Financial PR)

Susie Geliher, Isabel De Salis, Will Turner
 
+44 (0) 20 7236 1177

 

-ENDS-

 

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