Oracle Power has entered in to a joint venture agreement with the Private Office of His Highness Shaikh Ahmed Dalmook Al Maktoum (represented through Kaheel Energy), with the objective of advancing the company’s green hydrogen project in Pakistan.
As part of its joint venture, Oracle Energy will invest in and operate a facility in Sindh, Pakistan, to produce green hydrogen, which will then be used for the storage, transportation, and sale of the product.
Oracle Energy, a Pakistani limited liability company, will receive 70:30 funding from Kaheel Energy and Oracle Power.
Naheed Memon, CEO of Oracle, commented: “This is a hugely significant development for Oracle and provides a route through which to establish a ground-breaking green hydrogen project in Pakistan. As shareholders will be aware, the Oracle team has been working hard over the past six months to create a framework and investment path to bring this revolutionary green hydrogen technology to Pakistan, and this joint venture is a landmark development in bringing this to fruition.”
