Oracle Power raises funds to support green hydrogen project in Pakistan

Oracle Power PLC has raised gross proceeds of £500,000 by placing 181,818,182 new ordinary shares of 0.1p each in the company at a price of 0.275p per Ordinary Share.

The net proceeds of the Placing will be primarily applied to support the advancement of the company’s green hydrogen project through the joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum (through his wholly owned company, Kaheel Energy Limited).

The project has progressed significantly with the recent receipt of a letter from the Directorate of Alternative Energy of the Government of Sindh confirming that it will issue a Letter of Intent regarding this project, subject to the provision of the performance guarantee by the joint venture company, Oracle Energy Limited.

Oracle Energy Limited, is seeking to establish and develop a 1,200MW hybrid solar/wind, green hydrogen/power project in Pakistan to enable the production of green hydrogen from a 400MW capacity electrolyser facility and renewable power for business-to-business usage, for possible sale to utilities and for other uses.

The Placing has been carried out through Monecor (London) Limited, trading as OvalX, and the company has entered into a placing agreement dated 4 August 2022 with Monecor under which it, as agent for the company, has procured places for the Placing Shares at the Placing Price.

Naheed Memon, CEO of Oracle, commented, said, “The majority of the funds raised will be used to support the green hydrogen initiative through Oracle Energy Limited, whilst also providing us with sufficient working capital to develop the other projects in Oracle’s portfolio.

Following admission, the total issued share capital of the company will be 3,078,297,740 Ordinary Shares, with no shares in Treasury.