Key points:
- Chariot Limited shares edged 4.12% higher on a green hydrogen partnership.
- The partnership will be executed in Morocco by the three firms listed below.
- Investors had a muted but positive reaction to the news.
The Chariot Ltd (LON: CHAR) share price edged 4.17% higher after unveiling a partnership with Oort Energy (Oort) and Mohammed VI Polytechnic University (UM6P) to collaborate on green hydrogen projects across Morocco.
The three firms will utilise a polymer electrolyte membrane (PEM) electrolyser system developed and patented by Oort, which can produce hydrogen and oxygen by splitting water molecules using renewable energy sources.
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Chariot will contribute its experience as a transitional energy company that evaluated the economic viability of similar projects in the past. The partnership will initially see the company’s setup and operate proof of concept projects to help determine the feasibility of implementing a large-scale green hydrogen program combined with ammonia production.
The partnership will tap into UM6P's network and expertise in-country. UM6P will also help disseminate education and build capacity around green hydrogen and ammonia production since it is an educational institution. The firms intend to host one of their projects at the Research and Development facility in OCP Jorf Lasfar, Morocco.
Adonis Pouroulis, Chariot Limited’s CEO, stated: “We are very pleased to be working alongside Oort and UM6P in evaluating the viability of another significant green hydrogen project and expanding our footprint beyond our work in Mauritania into Morocco. Chariot's ambition is to become one of the world's leading green hydrogen producers, and ensuring access to reliable, cost-efficient electrolyser capacity will be a vital part of our pathway to production. We look forward to getting started on this pilot and collaborating on other projects of this nature in the future.”
Nick van Dijk, Oort’s CEO, added: “Oort's mission is to bring the cost of green hydrogen production down so that it becomes a widely accessible energy source. Testing our unique electrolyser technology in this setting will be a key step in demonstrating its capabilities whilst also assessing its efficiency, durability and cost structure for implementation in large-scale projects.”
*This is not investment advice.
Chariot share price.
The Chariot share price edged 4.17% higher to trade at 15.00p, rising from Thursday’s closing price of 14.4p.