Oracle Power PLC (AIM:ORCP) has signed a non-exclusive co-operation agreement with PowerChina International Group Ltd, with the objective of jointly developing a green hydrogen production facility in Pakistan.
Green hydrogen is generated from renewable sources, and is widely regarded as one of the most important energy sources to support the transition to a carbon neutral future.
PowerChina, one of the largest Chinese state-owned-enterprises, has partnered with Oracle with the intention to set up a hydrogen facility in Pakistan to produce hydrogen with electrolysers powered by photovoltaics.
"Green hydrogen is already high on the agenda for many countries, including India and many of the Gulf nations, however this agreement would make Oracle a first mover in Pakistan, a jurisdiction which has abundant renewable resource and land available,” said Oracle chief executive Naheed Memon.
“I am delighted that we have entered into an agreement with PowerChina, given PowerChina's position and experience in the field of energy and power development and contracting. We jointly plan to set up a 400MW capacity hydrogen plant to produce approximately 150,000 kg of green hydrogen per day. I believe that green hydrogen would provide a highly valuable additional pillar to our portfolio of assets, which now includes our two highly prospective gold properties in Western Australia and our proposed combined mine, mine mouth power plant and proposed coal gasification to urea project in the Sindh Province of Pakistan.”