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Oracle Power PLC - Cambridge-based power and natural resource project developer with projects focused on Pakistan - Signs non-binding memorandum of understanding with Nuvera Fuel Cells LLC to bring green hydrogen fuel cells to the industrial vehicle market in Pakistan.
Oracle Power says the MoU will jointly explore opportunities for de-carbonised heavy-duty transport and port infrastructure in Pakistan powered by green hydrogen. In addition, Oracle Power says the MoU will coordinate and work with the governments of Sindh and Pakistan to obtain required support for setting up for hydrogen mobility infrastructure.
Oracle Chief Executive Officer Naheed Memon says: ‘Building on our recent developments in the hydrogen industry, including our JV partnership supported by His Highness Shaikh Ahmed Dalmook Al Maktoum, the MoU with Nuvera provides us with a highly attractive opportunity to commercialise this ground-breaking fuel source. Oracle is now carving out a prominent position in the southern-Asian energy and power industry to advance our ambitions to establish and commercialise the first green hydrogen facility in Pakistan.’
Nuvera Fuel Cells, LLC, based in Cleveland, Ohio, is a manufacturer of heavy-duty, zero-emission engines for mobility applications.
Current stock price: Up 0.4% t 0.25 pence on Monday
12-month change: down 48%
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