Natural resources project developer raises £800k to support international green hydrogen project

Oracle Power PLC, the international natural resources project developer, has announced that it has successfully raised gross proceeds of £800k.

This was raised by way of a placing of 246,153,846 new ordinary shares of 0.1p each in the Company through Monecor Limited trading as ETX Capital at a price of 0.325p per Ordinary Share.

The net proceeds of the placing are expected to 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, as was announced on March 30.

The joint venture company, Oracle Energy Limited, will be focused on investing in and developing a facility for the manufacture of green hydrogen in the Province of Sindh, Pakistan.

Naheed Memon, CEO of Oracle, commented: “We have been clear in our intention to rapidly move our green hydrogen ambitions forward and today’s placing will enable us to do just that through our 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.

“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.”

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