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
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-
