Oracle Power PLC (AIM:ORCP) said it raised £500,000 through a placing of 181.8mln new ordinary shares to support the advancement of its joint-venture green hydrogen project.
The proceeds from the 0.275p per share placing will help the company to develop a 1,200MW hybrid solar/wind and green hydrogen/power project in Pakistan with His Highness Sheikh Ahmed Dalmook Al Maktoum.
It will enable the production of green hydrogen from a 400MW capacity electrolyser facility and renewable power for business-to-business usage, for possible sale to utilities and for other uses, Oracle said in a statement.
Oracle has been funded on a 70:30 basis by Kaheel Energy Ltd, which is wholly owned by Sheikh Ahmed Dalmook Al Maktoum.
“We continue to make great advancements for our green hydrogen strategy in Pakistan and today's fundraise will enable us to continue on this upward trajectory,” Naheed Memon, Oracle chief executive, commented.