Project technology

Oracle Power raises £800,000 for green hydrogen project

UK-based Oracle Power raised gross proceeds of £800,000 (£0.8 million) by placing 246.153 million new ordinary shares to support the progress of the green hydrogen project in Sindh.

The company has formed a joint venture, Oracle Energy Limited with Kaheel Energy Limited, which will focus on investing in and developing a green hydrogen manufacturing facility in Sindh Province, Pakistan.
Oracle Energy Limited will be funded 70/30 by Kaheel Energy Limited and Oracle Power respectively, and the funds raised are expected to be used primarily to accelerate the progress of the green hydrogen project through the joint venture.
Oracle CEO Naheed Memon said the company has made clear its intention to rapidly advance its green hydrogen ambitions and this placement will enable the company to do so through the newly created joint venture.
“It is important to note that this fundraising will support our funding for Oracle Energy, ensuring that we are well positioned to move this important strategic project forward without delay,” he added.
“In a world where energy security and competitiveness have never been more important, we believe we have a primary source of green and affordable energy and we are committed to accelerating its development.”
The Oracle team has been working over the past six months to create a framework and an investment pathway to bring this breakthrough green hydrogen technology to Pakistan.
Oracle Power, through its subsidiary Sindh Carbon Energy Ltd (SCEL), owns Block VI in Thar, where it holds a 30-year mining lease covering over 1.4 billion tonnes (JORC) of lignite coal.
In 2016, the project was raised at the status of priority project in the China-Pakistan Economic Corridor (CPEC) and at the ninth meeting of the Joint Cooperation Committee (JCC) in 2019, it was integrated into the Oil and Gas cluster.
To advance the Thar project, Oracle entered into a joint development agreement and cooperation agreement with China National Coal Development Company and Sheikh Ahmed Dalmook Al Maktoum Private Office One Person Company LLC for the development of mining, power and from coal to gas.

Source: BOL News


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