REG - Oracle Power PLC - Update on Green Hydrogen Project Development

Oracle PowerAnnouncement

30/05/2023 07:15

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RNS Number : 9893A  Oracle Power PLC  30 May 2023

30 May 2023

 

Oracle Power PLC

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

Update on Green Hydrogen Project Development

 

Oracle Power PLC (AIM: ORCP), is pleased to share updates post the signing of
an MOU with China Electric Power and Technology Co., Ltd ("CET"), a subsidiary
of State Grid Corporation of China ("State Grid"), for development of its 400
MW Green Hydrogen Project ("the Project") in Pakistan via its subsidiary
Oracle Energy,  a joint venture with HH Sheikh Ahmed Dalmook Al Maktoum (see
RNS March 07) .

A joint Steering Committee for the development of the Project has been
nominated in accordance with the MOU, and meetings have already commenced.

 

The Project Steering Committee comprises of the following four members:

 

·   Naheed Memon, Chief Executive Officer, Oracle Energy

·   Naved Akhtar, Chief Technical Officer, Oracle Energy

·   Wang Bo, Vice General Manager CET

·   Li Hui, Chief Representative of Pakistan, CET

 

The inaugural meeting of the newly formed Steering Committee was held on
Friday, May 12. The Company has also taken another major step forward in
relation to the completion of the bankable feasibility studies for the 1.2 GW
hybrid power, grid interconnection and storage architecture for the Project.
With regards to these studies, which will feed into the ongoing Thyssenkrupp's
Green Hydrogen and green ammonia studies, State Grid has commissioned and
funded consultants Shanghai Investigation Design & Research Institute
("SIDRI"), to conduct power studies, and establish the feasibility of
integrating solar and wind energy technologies into the Green Hydrogen
Project. The study will analyse the Project resources, design the hybrid
system, evaluate grid integration, conduct economic analysis, assess
environmental impacts, manage risks, and engage stakeholders.

The hybrid power study encompassing 700 MW solar and 500 MW wind power, is
expected to be completed by Q3 2023 and will produce the electrical design
and civil works layout for the hybrid power facilities and integration with
grid and chemical plants. These developments mark the commencement of State
Grid's invaluable expertise and contribution to the Project development; with
the signing of a Joint Development Agreement (JDA) with Oracle  and a
shareholder agreement envisaged as the next potential  steps.

Oracle will share further details of the scope of further work on the Green
Hydrogen Project, which State Grid will undertake once finalised.

The planned Green Hydrogen Production facility, if 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. Feasibility work for
green hydrogen and green ammonia production commenced in Q4 2022 with
Thyssenkrupp, the German multinational engineering company, with initial
results due in Q2 2023. By way of further update, the mid study review
meeting was held on 31 March 2023, followed by another meeting on 09 May.

The next meeting with Thyssenkrupp VP & Head of Chemical Process
Technologies and the Oracle team, is scheduled for 02 June in Dubai in
Thyssenkrupp's office.

 

Naheed Memon will present provide a live update via Investor Meets Company
platform on Wednesday, 31 May 2023 at 11.00 a.m. BST. The presentation is open
to all existing and potential shareholders. Questions can be submitted
pre-event via your Investor Meet Company dashboard up until 9am the day before
the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to
meet ORACLE POWER PLC via:

https://www.investormeetcompany.com/oracle-power-plc/register-investor
(https://urldefense.com/v3/__https:/www.investormeetcompany.com/oracle-power-plc/register-investor__;!!H_q-o1I4kFo!iAkknU8Q7lXzF10_XPGktW9G84WDxTIbdhpi2SewrcRWN1KQxupDbF7oFNS2ht-KZszlTHoNVmhWlKmvc6GPmrg$)

Investors who already follow ORACLE POWER PLC on the Investor Meet Company
platform will automatically be invited.

 

 

*Ends*

 

 

 

For further information:

  Oracle Power PLC                                                                  +44 (0) 203 580 4314

 Naheed Memon (Chief Executive Officer)

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

 Rory Murphy, Matthew Chandler, Rob Patrick

 Buchanan                                                                         +44 (0) 20 7466 500

 Oonagh Reidy/ Abigail Gilchrist                                                  oracle@buchanan.uk.com (mailto:oracle@buchanan.uk.com)

 

 

About CET

 

CET is a wholly-owned subsidiary of State Grid Corporation of China, the
largest power producer in the world by revenue in 2021.  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 700MW of solar and 500MW of wind power, and battery
storage.

 

About SIDRI

 

SIDRI are experts and leading innovators in the fields of design and
research. The Shanghai based company was founded in 1954 and joined the Three
Gorges Group in 2014, becoming the world's largest hydropower development and
operation enterprise and the largest clean energy group in China. Its work in
Pakistan includes study work for the Three Gorges Third Jhimpir Wind Farm,
Karot Hydropower Project, and Thar Coalfield Block II Mining and Power
Project.

 

 

 

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