Oracle Power reveals funding raise and aluminium offtake agreement for Pakistani green hydrogen project

Oracle Power has today (February 6) announced it has raised £500,000 ($601,800) to support the advancement of its green hydrogen project in Pakistan and signed a new offtake agreement to clean up aluminium production.

Raised by the way of an oversubscribed placing of 294,117,647 new ordinary shares of 0.1p each in the company, at a price of 0.17p per ordinary share, the net proceeds are expected to “primarily” be used to support Oracle’s green hydrogen plans in Pakistan.

Additionally, it revealed it had signed a Memorandum of Understanding (MoU) with Emirates Global Aluminium (EGA) with intentions of discussing and negotiating the potential supply and delivery of around 50,000 tonnes of green hydrogen from the Pakistani project.

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