Oracle Power subsidiary joins Dii energy alliance

24th Feb 2023 15:12

(Sharecast News) - Oracle Power announced on Friday that its subsidiary Oracle Energy has joined Dii Desert Energy as an associate partner.

The AIM-traded firm described Dii as an influential network seeking to harness emission-free energy from the desert areas of the Middle East and North Africa (MENA).

It said the network includes global energy-related businesses such as Shell, EDF, Siemens Energy, Thyssenkrupp, E.ON, China Electric Power and ACWA Power, as well as investor groups like EBRD, Investcorp, and other organisations such as the National Hydrogen Council, the GCCIA, and the League of Arab States.

Oracle Energy's involvement in the Dii network would be aimed at the MENA Hydrogen Alliance, launched in 2020, which brings together private and public sector companies as well as science and academic bodies, to "kick-start" local hydrogen economies and explore export revenue opportunities.

The alliance was focussed on substituting fossil fuels and leveraging existing infrastructure, including gas pipelines, to further the adoption of green hydrogen.

Oracle Energy's strategy was to build on its existing relationships with blue-chip companies including Thyssenkrupp and Emirates Global Aluminium, and leverage its membership of Dii with financiers, policy makers, technology companies, and offtakers, to accelerate the commercialisation of its flagship Green Hydrogen Project in the Pakistan province of Sindh.

The project was expected to produce 55,000 tonnes of 'green' hydrogen per year once constructed.

"Naheed Memon, chief executive officer of Oracle Energy, will be a key participant on the structuring contracts and securing bankable offtake agreements panel on 1 March at the second annual World Hydrogen MENA Forum in Dubai, a conference which is co-hosted by Dii, which will bring together key stakeholders to harness the opportunities of developing significant clean hydrogen projects in the MENA and broader region," the board added in its statement.

At 1425 GMT, shares in Oracle Power were down 0.06% at 0.17p.

Reporting by Josh White for Sharecast.com.