Oracle Power Raises £363,000 to Boost Advancements in Green Hydrogen JV Project

By June 22, 2023 2   min read  (327 words)

June 22, 2023 |

oracle power raises 363000 to boost advancements in green hydrogen jv project

Fundraising for Hydrogen Project

Oracle Power PLC, a UK-based energy company listed on AIM, has successfully raised gross proceeds of £363,000. The fundraise was achieved via a placement of 323,000,000 new ordinary shares at 0.1p each, and a subscription for 40,000,000 new shares at the same price. This fundraising effort is aimed to primarily support the advancement of Oracle’s green hydrogen project, being developed in joint venture with His Highness Sheikh Ahmed Dalmook Al Maktoum.

Strategic Collaborations and Project Developments

The project has seen substantial funding from both new and existing investors, including the company’s largest shareholder, His Highness Sheikh Ahmed Dalmook Al Maktoum. He has been investing significantly in the project, funding his 70% share of the joint venture. Recently, Oracle has signed strategic Memoranda of Understanding (MoUs) with the State Grid Corporation of China and PetroChina International (Middle East) Company Limited for potential development, finance, construction, operation, and maintenance of the project, as well as potential future green hydrogen off-take.

CEO’s Statement on the Fundraising

Naheed Memon, CEO of Oracle, shared her insights about the recent development:

“We continue to make significant progress in advancing our green hydrogen strategy in Pakistan and today’s fundraising will enable us to continue this upward trajectory. The funds raised will be utilised to support our green hydrogen initiative, whilst also providing additional working capital to, inter alia, progress our other portfolio projects. We are very pleased with the continued support of His Highness, which clearly demonstrates his support for our green hydrogen project and I look forward to updating the market in the near future with regard to further developments.”

Admission to Trading and Voting Rights

The newly issued shares are expected to be admitted for trading on AIM around June 27, 2023, with total issued share capital of the company becoming 3,735,415,387 ordinary shares. The total voting rights in the company will be the same following admission.

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