TIDMORCP
RNS Number : 0813M
Oracle Power PLC
12 September 2023
12 September 2023
Oracle Power PLC
("Oracle" or the "Company")
Completion of Technical & Commercial Feasibility Study
re : Green Hydrogen and Ammonia Project
Study supports the development of a 400MW capacity green
hydrogen production facility
Oracle Power PLC (AIM: ORCP), an international project
developer, is pleased to announce the completion of its technical
and commercial feasibility study (the "Study"), undertaken by
leading international construction engineering company,
thyssenkrupp Uhde, relating to its green hydrogen and green ammonia
project (the "Project") in Pakistan.
The Project, which is being developed by the Company's joint
venture company, Oracle Energy Limited ("Oracle Energy"), is
targeting a 400MW capacity green hydrogen production facility, with
annual production of 55,000 tonnes of green hydrogen. Located in
the designated wind corridor in the province of Sindh in southern
Pakistan, the Project is expected to deploy 700MW of solar and
500MW of wind power to produce green hydrogen.
As part of the Study, hydrogen production and ammonia
production/reconversion capacities were determined and confirmed
based on 700MW of solar and 500MW of wind power capacity and
profile. The required power input for approximately 140 tonnes/day
of green hydrogen production was estimated to be 360MW of
electrolyser net capacity. A detailed techno-economic modelling
study was performed providing cost estimates for the complete
chemical plant's (the "Plant") OPEX and CAPEX, processes and Plant
layout, project execution schedule, technology information and
carbon intensity of the hydrogen value chain.
During the Study, various factors were considered, such as
gaseous and liquid hydrogen production, ammonia synthesis and
cracking, optimal location for the renewable and chemical plant,
battery in island mode vs. excess renewable energy exchange with
grid, and cost-effective water sourcing from a nearby source for
green hydrogen and green ammonia production. The Study also
assessed production scenarios for the domestic market and transport
to Asia (China, Japan, Korea), in addition to European markets.
Dr. Naveed Akhtar, Hydrogen & Fuel Cell Industry Expert and
Chief of Technology (Hydrogen) for Oracle, commented : "The Study's
results are very encouraging and on a par with industry
expectations as observed in other green hydrogen projects announced
worldwide."
Following successful completion of the Study, Oracle Energy will
now proceed with negotiations for firm offtake agreements with
selected partners and finalise ongoing joint venture/equity
partnership discussions. In parallel, Oracle Energy's team is
focused on arranging the next steps for front-end engineering and
design ("FEED") work for the planned Plant, including, hydrogen
production facility, hydrogen compression, liquefaction and storage
facility, ammonia synthesis and cracking facility. Once completed,
this will take the Project into the next phase of the pre-Final
Investment Decision ("FID") stage.
CEO of Oracle, Naheed Memon, commented : " A successful and
positive feasibility study for green hydrogen and green ammonia,
contributes significantly to de-risking the Project, and provides a
clearer pathway for further accelerated development activities.
Furthermore, having this study authored and ratified by
thyssenkrupp Uhde, the gold standard bearers in the development of
such plants, provides us and our prospective partners with a great
deal of confidence.
"We move into a highly active period as we work towards
completing power and grid interconnectivity feasibility studies by
Q4 2023 in collaboration with State Grid Corporation of China, as
well as geotechnical and environmental studies soon after, leading
into the FEED stage, and finalisation of the investment and lender
consortium."
*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 & Joint Broker)
Rory Murphy, Matthew Chandler, Rob Patrick +44 (0) 20 7409 3494
Global Investment Strategy UK Limited (Joint Broker)
Samantha Esqulant +44 (0) 20 7048 9432
St Brides Partners Limited (Financial PR)
Susie Geliher, Isabel de Salis +44 (0) 20 7236 1177
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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END
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