t
| Date | 19 Oct 2022 |
| Time | 07:00:05 |
| Category | Miscellaneous |
| ID | 3249D |
19 October 2022
Oracle Power PLC
("Oracle" or the "Company")
thyssenkrupp Uhde Appointed for Green Hydrogen Project to Undertake Technical & Commercial Feasibility Study for Green Hydrogen and Green Ammonia Plant
Oracle Power PLC, the international natural resources project developer, is pleased to announce the appointment of thyssenkrupp Uhde, an international leader in engineering, procurement, construction, and service of chemical plants, to lead the technical and commercial feasibility study for the green hydrogen and ammonia project, being developed by the Company's joint venture company, Oracle Energy Limited ("Oracle Energy"). The study is planned to commence shortly with the final report expected to be delivered in H1 2023. Oracle's share of the cost for the study is expected to be funded from current cash resources.
Oracle Energy is targeting a 400MW capacity green hydrogen production facility, with annual production of 55,000 tonnes of green hydrogen (the "Project"). The Project is located in the designated wind corridor in the province of Sindh in southern Pakistan and is expected to deploy 700MW solar and 500MW wind power to produce green hydrogen. As the hydrogen will be converted to green ammonia in the Project, the Company has selected thyssenkrupp Uhde for the study, an internationally recognised leader in green ammonia development and execution. Its sister company, thyssenkrupp nucera, is a global leader in water electrolysis technology for green hydrogen production and is the technology supplier for the NEOM Project in Saudi Arabia, which is expected to become one of the largest green hydrogen projects globally. In September 2022, Brooge Renewable Energy Ltd also engaged thyssenkrupp Uhde to undertake the technical study of its planned green hydrogen and green ammonia plant in Abu Dhabi and thyssenkrupp is also integrating its technologies in a green hydrogen and green ammonia project by the Emirati company Helios Industry.
CEO of Oracle, Naheed Memon, commented: "thyssenkrupp is an undisputed heavyweight in the emerging commercial hydrogen industry and to have them leading our project technical and commercial feasibility study forward is a clear signal of the enormous potential value of this project. As a pioneer in the industry, thyssenkrupp's expertise is highly sought after and I believe their agreement to support us is testament to the opportunity we have for establishing a facility in Pakistan to produce what is becoming the new global fuel, which is in critical demand, as the world transitions to green energy.
"thyssenKrupp has a proven track record of advancing green hydrogen and green ammonia projects, and we will be leveraging that expertise to ensure our project in Pakistan becomes a benchmark in green hydrogen development and execution. I look forward to reporting on the outcomes of the technical and feasibility study, which we expect to present in H1 2023."
Dr. Naveed Akhtar, CTO of Oracle Energy, commented: "We are delighted to have thyssenkrupp onboard, their decades of experience in the hydrogen and ammonia business will be very valuable to our green hydrogen project as we embark on this very exciting journey."
His Highness Shaikh Ahmed Dalmook Al Maktoum commented: "This appointment is the result of a detailed and mutual selection process by Oracle Energy and thyssenkrupp. thyssenkrupp brings with it world-leading expertise and experience in green hydrogen and green ammonia execution, and Oracle Energy has the vision, local knowledge and networks, and commercial and financial frameworks to bring this project to fruition. This is a huge step forward for Oracle Energy and we look forward to working with thyssenkrupp on this important new development."
Green Hydrogen Project Feasibility Study
As a part of the feasibility study, hydrogen production and ammonia production/reconversion capacities will be determined and confirmed based on 700MW solar and 500MW wind power capacity and profile. The required power input (MW) for 150 tonnes/day of green hydrogen production will be estimated during the study. The detailed techno-economic modelling study will be performed providing cost estimates for plant OPEX & CAPEX, processes and plant layout, project execution schedule, technology information and carbon intensity of the hydrogen value chain. The study will also consider different scenarios for end use e.g., industrial grade gaseous hydrogen, high-purity mobility grade gaseous hydrogen, liquid hydrogen transport to end-users in Asia, in addition to conversion to ammonia and transportation for customers in Europe & Asia for direct use or re-conversion to green hydrogen for end-users.
This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014, which forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
*ENDS*
For further information on Oracle Power PLC, visit the Company's website http://www.oraclepower.co.uk or contact:
Oracle Power PLC
Naheed Memon - CEO +44 (0) 203 580 4314
Strand Hanson Limited (Nominated Adviser and Broker)
Rory Murphy, James Harris, Rob Patrick +44 (0) 20 7409 3494
St Brides Partners Limited (Financial PR)
Susie Geliher, Catherine Leftley +44 (0) 20 7236 1177
About Oracle Power PLC:
Oracle Power PLC is an international natural resource and power project developer quoted on London's AIM market. The Company currently has two areas of focus: Western Australia and Pakistan. The Company is active in the energy industry in Pakistan and is working to establish a green hydrogen production facility through Oracle Energy Limited, a joint venture with His Highness Shaikh Ahmed Dalmook Al Maktoum.
Oracle Energy has been set up as the project development company and is funded on a 70:30 basis by Kaheel Energy (100% owned by His Highness Shaikh Ahmed Dalmook Al Maktoum) and Oracle Power respectively. The project development company provides a vehicle to support the accelerated development of the green hydrogen project to meet the growing international and domestic demand of green hydrogen and clean energy.
The Company also continues to advance towards the development of its Thar Block VI Project in south-east Pakistan into a mine, a power plant and a proposed coal gasification project.
In Australia, its primary focus is the Northern Zone Gold Project, located 25km east of the major gold mining centre of Kalgoorlie, the home of the 'Super Pit' mine, the second largest gold mine in Australia. Northern Zone has a current Exploration Target of 200-250Mt at 0.4-0.6g/t Au for between 2.5 - 4.8Moz gold, with drilling being planned to define a maiden inferred JORC resource.
About thyssenkrupp Uhde
thyssenkrupp Uhde combines unique technological expertise and decades of global experience in the engineering, procurement, construction, and service of chemical plants. They develop innovative processes and products for a more sustainable future and thus contributes to the long-term success of customers in almost all areas of the chemical industry. Its portfolio includes leading technologies for the production of basic chemicals, fertilizers, and polymers as well as complete value-chains for green hydrogen and sustainable chemicals.