Green hydrogen firm Oracle Power has jumped over 10% Wednesday following an update on its strategy to develop a green hydrogen production facility in Pakistan, in partnership with PowerChina International Group.
The AIM-quoted firm told investors that a preliminary study was completed by PowerChina to ascertain key technical and commercial outlines for the delivery of a facility to produce hydrogen with electrolysers powered by photovoltaics and wind energy in Pakistan.
They are targeting a 400MW capacity hydrogen plant, with approximately 150,000kg per day planned hydrogen production.
Oracle is now seeking technology suppliers and assessing costs across Europe, Japan, and South Korea to support the advancement of the strategy.
Meanwhile, they are in negotiations with the provincial government to determine the required infrastructure in the Province of Sindh.
With there being a rise in renewable energy projects globally, Naheed Memon, CEO of Oracle, explained that “in the relatively short space of time since Oracle signed its co-operation agreement with PowerChina, there has been a sizeable uptick in the adoption of green hydrogen projects internationally from Australia, Egypt, Namibia, the UAE to the UK.
“This is clearly a movement which is gaining momentum and support and Oracle, together with our partners at PowerChina, are uniquely positioned to bring this technology to Pakistan.”
Oracle shares are currently trading at 37p.
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