Oracle Power PLC Extends Green Hydrogen Project Partnership in Pakistan with Chinese Utility Giant
Key Ideas
- Oracle Power PLC renews strategic partnership with China Electric Power and Technology Co., Ltd to develop a significant Green Hydrogen Project in Pakistan until 2027.
- The project aims to produce 150,000kg of hydrogen per day, positioning it as one of the largest in Asia.
- Commitment from CET demonstrates progress in technical and financial studies, with Oracle Energy focusing on off-take arrangements and financial completion.
- Oracle Power PLC focuses on green hydrogen production through Oracle Energy Limited, with a vision to establish a major green hydrogen facility in Asia utilizing solar and wind power.
Oracle Power PLC, listed under GB:ORCP, has extended its strategic partnership with China Electric Power and Technology Co., Ltd, a subsidiary of State Grid Corporation of China, to continue developing a Green Hydrogen Project in Pakistan until March 2027. The project is set to be a significant initiative, aiming to produce 150,000kg of hydrogen per day, positioning it as one of the largest projects in Asia. This extension of partnership demonstrates the commitment of CET to the project, which has already made progress in technical and financial studies. Oracle Energy Limited, a joint venture focused on green hydrogen production, is now concentrating on securing off-take arrangements and completing the financial aspects of the project. With a focus on renewable energy, Oracle Power PLC aims to establish a prominent green hydrogen production facility in Asia, utilizing solar and wind power. The company's YTD price performance has been positive at 15.00%, and its average trading volume stands at 290,530,905. The technical sentiment signal for ORCP stock is 'Buy,' and the current market cap is £2.21M. This partnership renewal signifies a positive step towards the development of green hydrogen technology in Pakistan with the support of a major utility company.