Oracle Power PLC (AIM:ORCP) said a total of £1.5mln of investment has been added to the Oracle Energy joint venture company that is looking to develop a green hydrogen project in Pakistan.
On the basis of the agreed 70:30 funding split between the private office of Dubai’s Sheikh Ahmed Dalmook Al Maktoum and Oracle, respectively, the AIM-listed company subscribed for £450,000 of new shares in the JV, with the remaining £1.047mln from Kaheel. The investments were made at a price of 10 Pakistani rupees per share.
The funds will enable the progress of bank guarantee for the previously announced letter of intent from authorities in Pakistan's Sindh province and will also support land lease payments and other development expenditure, said Oracle Power chief executive Naheed Memon
“Further capitalisation of the green hydrogen project company is a clear demonstration of our commitment to expedite the development of this project, and this determination is mirrored by His Highness's continued support,” he added.
Memon said both parties “recognise the urgent need for a shift in global energy sources and will continue to press forward with our plans to commercialise this commodity” and he said further updates will be forthcoming in what he believes “will be a very active period for our most important and strategic project”.