Oracle Power to work towards project certification from TUV SUD

14th Nov 2022 16:53

(Sharecast News) - Natural resources project developer Oracle Power announced on Monday that its Oracle Energy subsidiary has signed a letter of intent with TÜV SÜD, to explore green hydrogen and green ammonia certification relating to the green hydrogen project in development in Pakistan.

The AIM-traded company described TÜV SÜD as a "renowned, independent third-party partner" with "long-standing expertise" in the certification of hydrogen from renewable sources, covering the entire hydrogen value chain.

Oracle Energy and TÜV SÜD agreed that TÜV would review the project design of Oracle's proposed 400MW capacity green hydrogen plant, with an annual production capacity of 55,000 tonnes, with a view to certifying the green credentials of the proposed production of green hydrogen and ammonia.

It said it expected that to include all value chain processes including compression, storage, conversion, transport to the end customer.

The board described environmental certification as a "key component" of green hydrogen development.

Under the terms of the letter of intent, Oracle Energy would take a lead in developing user relationships and customers in Pakistan, and TÜV SÜD would conduct document validation and necessary site audits as and when required in order to issue green hydrogen and green ammonia certification.

Oracle would facilitate TÜV in providing all necessary documentation, site-visits to ensure the certification process is arranged as smoothly as possible, and would also pursue the necessary documentation for certification with the selected feasibility study partner and feedback accordingly.

Oracle said the letter of intent built on its recent technical and commercial feasibility study contract with Thyssenkrupp Uhde, which would provide the necessary documentation for the greenhouse gas emission calculations of the green hydrogen value chain processes.

The paperwork would be exchanged with TÜV SÜD to perform a critical review and feedback on the certification process.

"Certification to demonstrate that our hydrogen project is indeed 'green' is a critical aspect of our development process and is a prerequisite of international export and also for investment by sustainable and ESG-focussed investors," said chief executive officer Naheed Memon.

"We are assembling a team of experts of the highest calibre to support the rapid development of our green hydrogen project and launch this new global fuel source on the international stage.

"I look forward to working with the TÜV SÜD team as we look to certify our transformational green hydrogen ambitions in Pakistan and establish the first facility of its kind in this country."

At the close on Monday, shares in Oracle Power were flat at 0.29p.

Reporting by Josh White for Sharecast.com.