KARACHI: UK-based Oracle Power has raised gross proceeds of £800,000 (£0.8 million) by way of a placing of 246.153 million new ordinary shares to support the advancement of the green hydrogen project in Sindh.
The company formed a joint venture, Oracle Energy Limited with Kaheel Energy Limited which will be focused on investing in and developing a facility for the manufacture of green hydrogen in the Province of Sindh, Pakistan.
Oracle Energy Limited, will be funded on a 70:30 basis by Kaheel Energy Limited, and Oracle Power respectively, and the funds raised are expected to be used primarily to accelerate the advancement of the green hydrogen project through the joint venture.
Oracle Chief Executive Officer Naheed Memon said that the company has been clear in its intention to rapidly move its green hydrogen ambitions forward and this placing will enable the company to do just that through the newly established joint venture.
“Importantly, this fundraising will support our funding for Oracle Energy, ensuring that we are well positioned to make good headway with this significant strategic project without delay,” he added.
“In a world where energy security and competitiveness has never been so important, we believe we have a prime source for green and affordable power and we are committed to expediting its development.”
The Oracle team has been working over the past six months to create a framework and investment path to bring this revolutionary green hydrogen technology to Pakistan.
Oracle Power, through its subsidiary Sindh Carbon Energy Ltd (SCEL), owns Block VI in Thar, where it has a 30-year mining lease for over 1.4 billion tonnes (JORC) of lignite coal.
In 2016, the project was elevated to priority project status in the China Pakistan Economic Corridor (CPEC) and at the ninth Joint Cooperation Committee (JCC) meeting in 2019, it was incorporated into the Oil and Gas group.
To advance the Thar Project, Oracle has a joint development agreement and cooperation agreement with China National Coal Development Company and Sheikh Ahmed Dalmook Al Maktoum Private Office One Person Company LLC for mine, power and coal to gas development.