Oracle Progresses Green Hydrogen Venture in Pakistan's Terrain

Oracle Power, a power and natural resource project developer focused in Sindh province, Pakistan, has announced a significant step forward in the development of its Green Hydrogen project.

On February 6, 2023, Naheed Memon, CEO of Oracle Power, stated that the signing of the Memorandum of Understanding (MoU) is a crucial move towards mitigating financing risk for the project. The MoU aims to secure a place for the Green Hydrogen project in the global supply of Green Hydrogen.

The latest development is part of the project's next stage of development. Oracle Power raised GBP500,000 through a share placement, placing 294.1 million shares at a price of 0.17p each. This represents a 29% discount to Oracle Power's closing price on Friday.

Shares in Oracle Power were down 15% at 0.20 pence on afternoon in London following the announcement.

The MoU is subject to successful negotiations and will be signed during the 2023 UN Climate Change Conference. With the financial support from the share placement, as well as that from other parties, Oracle Power is confident about expediting the development of the Green Hydrogen project.

In addition to the MoU, Oracle Power has also announced a potential supply and delivery agreement for 50,000 tonnes of green hydrogen with Emirates Global Aluminium PJSC.

Oracle Power's Green Hydrogen project in Pakistan is a joint venture between Oracle Power and Ahmed Dalmook Al Maktoum, with the latter owning 70% of Oracle Energy through Keheel Energy FZE. However, no direct connection between Ahmed Dalmook Al Maktoum and Oracle Energy was found in the provided search results, and no information about his relationship to Oracle Energy was found.

Detailed technical and financial feasibilities are being considered as part of the project's development. The agreement's term is one year from January 30. The Green Hydrogen project remains Oracle Power's main focus.