TIDMORCP
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
Investors who already follow ORACLE POWER PLC on the Investor
Meet Company platform will automatically be invited.
*Ends*
For further information:
Oracle Power PLC
Naheed Memon (Chief Executive Officer) +44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser & Broker)
Rory Murphy, Matthew Chandler, Rob Patrick +44 (0) 20 7409 3494
Buchanan +44 (0) 20 7466 500
Oonagh Reidy/ Abigail Gilchrist 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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END
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