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Oracle Power PLC- Cambridge, England-based power and natural resource project developer with projects focused on Pakistan - Confirms a Letter of Intent will be issued from the Directorate of Alternative Energy of the Government of Sindh regarding a hydrogen power project in Pakistan.
Says the letter is expected to provide that the project developer can generate green hydrogen from a 400 megawatt capacity electrolyser facility. Oracle says the hydrogen power project letter of intent is subject to the provision of a $600,000 provision. The project is being advanced by its joint venture company Oracle Energy Ltd.
Chief Executive Officer Naheed Memon says: ‘This is a defining moment for Oracle and our joint venture company, which also has the potential to transform the landscape of the energy industry in Pakistan through the setting up of a 400 MW green hydrogen production facility powered by a 1200 MW hybrid power plant. Such a green hydrogen plant would be able to produce up to 55,000 tonnes of green hydrogen pa at full capacity.’
Current stock price: 0.33 pence, up 15%
12-month change: down 16%
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