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Strategic MoU for Green Hydrogen Project with CET
Strategic MoU for Green Hydrogen Project with CET.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n \n 7 March 2023\n \n \n \n \n \n Oracle Power PLC\n \n \n (\"Oracle\", the \"Company\" or the \"Group\")\n \n \n Strategic MoU for Green Hydrogen Project with World's Largest Utility\n \n \n \n \n \n Oracle Power PLC (AIM: ORCP), a developer of green hydrogen production through its joint venture Oracle Energy Limited (\"Oracle Energy\"), announces a strategic Memorandum of Understanding (\"MoU\") with China Electric Power and Technology Co., Ltd (\"CET\") to potentially develop, finance, construct, operate and maintain Oracle Energy's Green Hydrogen Project in Thatta, Sindh Province, Pakistan (the \"Green Hydrogen Project\").\n \n \n 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.\n \n \n The planned Green Hydrogen Production facility, when 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 (\"Green Hydrogen Project\"). Feasibility work on the potential production of green hydrogen and green ammonia commenced in Q4 2022 with Thyssenkrupp, the German multinational engineering company, with initial results due in Q2 2023.\n \n \n The MoU follows the successful acquisition by Oracle Energy of State land by way of a long lease for 30-years with the Government of Sindh, for a land package of \n 7,000 acres (approximately 28.3 km²). \n \n \n Commenting on the MoU with CET,\n His Highness Sheikh Ahmed Dalmook Al Maktoum, who owns 70% of Oracle Energy, and is an active investor and developer of a number of power generation projects across the Middle East, Asia and Africa, stated:\n \n \n \"Oracle Energy's vision of developing one of the largest green hydrogen production facilities globally has taken significant strides towards being realised through partnering with State G...