Oracle Power PLC, the international natural resources project developer, is pleased to announce that its joint venture company, Oracle Energy Limited ("Oracle Energy"), has signed a non-binding Memorandum of Understanding ("MoU") with Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd ("Guofuhee") (together, the "Parties") with the objective of working together to explore hydrogen storage and hydrogen refuelling infrastructure opportunities as a part of Oracle Energy's 400MW green hydrogen project in Pakistan (the "Project").
Highlights: • MoU with a leading and internationally recognised specialist in liquid hydrogen vessels, hydrogen pressure devices and hydrogen refuelling stations to support the commercialisation of Oracle Energy's 400MW green hydrogen project in Pakistan and internationally. • The Parties will jointly investigate hydrogen storage solutions to facilitate the delivery of hydrogen to the international markets including South Korea, Japan, China and Europe. • Hydrogen storage solutions to access international markets will complement Oracle Energy's domestic strategy within Pakistan, which is expected to focus on domestic mobility decarbonisation, and Guofuhee will offer its hydrogen refuelling solutions for both light duty and heavy-duty applications.
Naheed Memon, CEO of Oracle, commented: "This is another big leap forward in our journey to bringing our 400MW green hydrogen project to fruition and lays the foundations for a route to the commercialisation of hydrogen on the international market. With the continued backing of His Highness Shaikh Ahmed Dalmook Al Maktoum, our 70% joint venture partner, we are well positioned to move forward with the technical, financial and commercial aspects of the Project, and deliver this ground-breaking opportunity for Pakistan to develop a significant, domestically produced and affordable energy source with exceptional green credentials. "