Business
£500,000 placing to support Green Hydrogen Project
£500,000 placing to support Green Hydrogen Project.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n \n \n This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).\n \n \n \n \n \n \n 6 February 2023\n \n \n \n \n \n \n Oracle Power PLC\n \n \n \n \n (\"Oracle\", the \"Company\" or the \"Group\")\n \n \n \n \n \n \n \n £500,000 placing to support the Green Hydrogen project development\n \n \n \n \n \n \n Oracle Power PLC (AIM: ORCP), a leading developer of Green Hydrogen, is pleased to announce that it has successfully raised gross proceeds of £500,000 by way of an oversubscribed placing of 294,117,647 new ordinary shares of 0.1p each in the Company (\"Ordinary Shares\") (the \"Placing Shares\") at a price of 0.17p per Ordinary Share (the \"Placing Price\") (the \"Placing\").\n \n \n \n \n \n The net proceeds of the Placing will be utilised primarily to support the advancement of the Company's Green Hydrogen project (the \"Project\") through the joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum.\n \n \n \n \n \n Oracle announced on 28 November 2022 the acquisition by Oracle Energy of State land by way of a long lease\n located in the Thatta district, Sindh, south-east Pakistan, where its flagship\n Green Hydrogen project will be located. The Company's partner, His Highness Sheikh Ahmed Dalmook Al Maktoum, who owns 70% of Oracle Energy, is an active investor and developer of a number of power generation projects across the Middle East, Asia and Africa.\n \n \n The Project would be Pakistan's first commercial Green Hydrogen production facility, with an initial capacity to produce 55,000 tonnes annually, which would be one of the largest hydrogen projects in the region. \n \n \n Green Hydrogen is differentiated from other types of hydrogen as it is powered exclusively by renewable energy sources and is produced through water electrolysis. \n Hydrogen and its by-product ammonia are key constituents for critical sectors including manufacturing, transportation, power generation and agriculture. \n \n \n The Project site in Sindh is within\n a highly a...