REG - Oracle Power PLC - thyssenkrupp Appointed for Green Hydrogen Project

Oracle PowerAnnouncement

19/10/2022 07:00

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RNS Number : 3249D  Oracle Power PLC  19 October 2022

19 October 2022

Oracle Power PLC

("Oracle" or the "Company")

 

thyssenkrupp Uhde Appointed for Green Hydrogen Project to Undertake Technical
& Commercial Feasibility Study for Green Hydrogen and Green Ammonia
Plant

 

Oracle Power PLC, the international natural resources project developer, is
pleased to announce the appointment of thyssenkrupp Uhde, an international
leader in engineering, procurement, construction, and service of chemical
plants, to lead the technical and commercial feasibility study for the green
hydrogen and ammonia project, being developed by the Company's joint venture
company, Oracle Energy Limited ("Oracle Energy").  The study is planned to
commence shortly with the final report expected to be delivered in H1 2023.
Oracle's share of the cost for the study is expected to be funded from current
cash resources.

 

Oracle Energy is targeting a 400MW capacity green hydrogen production
facility, with annual production of 55,000 tonnes of green hydrogen (the
"Project"). The Project is located in the designated wind corridor in the
province of Sindh in southern Pakistan and is expected to deploy 700MW solar
and 500MW wind power to produce green hydrogen. As the hydrogen will be
converted to green ammonia in the Project, the Company has selected
thyssenkrupp Uhde for the study, an internationally recognised leader in green
ammonia development and execution. Its sister company, thyssenkrupp nucera, is
a global leader in water electrolysis technology for green hydrogen production
and is the technology supplier for the NEOM Project in Saudi Arabia, which is
expected to become one of the largest green hydrogen projects globally. In
September 2022, Brooge Renewable Energy Ltd also engaged thyssenkrupp Uhde to
undertake the technical study of its planned green hydrogen and green ammonia
plant in Abu Dhabi and thyssenkrupp is also integrating its technologies in a
green hydrogen and green ammonia project by the Emirati company Helios
Industry.

 

CEO of Oracle, Naheed Memon, commented: "thyssenkrupp is an undisputed
heavyweight in the emerging commercial hydrogen industry and to have them
leading our project technical and commercial feasibility study forward is a
clear signal of the enormous potential value of this project.  As a pioneer
in the industry, thyssenkrupp's expertise is highly sought after and I believe
their agreement to support us is testament to the opportunity we have for
establishing a facility in Pakistan to produce what is becoming the new global
fuel, which is in critical demand, as the world transitions to green energy.

 

"thyssenKrupp has a proven track record of advancing green hydrogen and green
ammonia projects, and we will be leveraging that expertise to ensure our
project in Pakistan becomes a benchmark in green hydrogen development and
execution.  I look forward to reporting on the outcomes of the technical and
feasibility study, which we expect to present in H1 2023."

 

 

Dr. Naveed Akhtar, CTO of Oracle Energy, commented: "We are delighted to have
thyssenkrupp onboard, their decades of experience in the hydrogen and ammonia
business will be very valuable to our green hydrogen project as we embark on
this very exciting journey."

 

His Highness Shaikh Ahmed Dalmook Al Maktoum commented: "This appointment is
the result of a detailed and mutual selection process by Oracle Energy and
thyssenkrupp.  thyssenkrupp brings with it world-leading expertise and
experience in green hydrogen and green ammonia execution, and Oracle Energy
has the vision, local knowledge and networks, and commercial and financial
frameworks to bring this project to fruition.  This is a huge step forward
for Oracle Energy and we look forward to working with thyssenkrupp on this
important new development."

 

Green Hydrogen Project Feasibility Study

 

As a part of the feasibility study, hydrogen production and ammonia
production/reconversion capacities will be determined and confirmed based on
700MW solar and 500MW wind power capacity and profile. The required power
input (MW) for 150 tonnes/day of green hydrogen production will be estimated
during the study. The detailed techno-economic modelling study will be
performed providing cost estimates for plant OPEX & CAPEX, processes and
plant layout, project execution schedule, technology information and carbon
intensity of the hydrogen value chain. The study will also consider different
scenarios for end use e.g., industrial grade gaseous hydrogen, high-purity
mobility grade gaseous hydrogen, liquid hydrogen transport to end-users in
Asia, in addition to conversion to ammonia and transportation for customers in
Europe & Asia for direct use or re-conversion to green hydrogen for
end-users.

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by
virtue of the European Union (Withdrawal) Act 2018 (as amended).

 

*ENDS*

 

For further information on Oracle Power PLC, visit the Company's
website http://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 and Broker)

Rory Murphy, James Harris, Rob
Patrick                                
                +44 (0) 20 7409 3494

  

St Brides Partners Limited (Financial PR)

Susie Geliher, Catherine Leftley                      
                                     
  +44 (0) 20 7236 1177

 
 

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 thyssenkrupp Uhde

 

thyssenkrupp Uhde combines unique technological expertise and decades of
global experience in the engineering, procurement, construction, and service
of chemical plants. They develop innovative processes and products for a more
sustainable future and thus contributes to the long-term success of customers
in almost all areas of the chemical industry. Its portfolio includes leading
technologies for the production of basic chemicals, fertilizers, and polymers
as well as complete value-chains for green hydrogen and sustainable
chemicals.

 

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