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Oracle Power Share Price Slides — Announces Chief of Technology

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Updated: 21 Oct 2021

Oracle Power (LON: ORCP) announced the appointment of Dr Naveed Akhtar as an adviser on hydrogen technology, the company announced Thursday.

The news follows Oracle's recently announced non-exclusive co-operation agreement with PowerChina International Group, which is aiming to jointly develop a green hydrogen production facility in Pakistan.

Akhtar is considered an expert in the hydrogen energy and fuel cells field with more than 20 years of experience, previously working as Chief Scientist at AFC Energy (LON: AFC), according to his LinkedIn profile.

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He is also the founder and CEO of Hy-Hybrid Energy Limited, a specialised fuel cell service provider which advises hydrogen application businesses across Europe.

Dr Akhtar will join Oracle on an advisory basis as Chief of Technology – Hydrogen, a non-Board position, as Oracle progresses its hydrogen strategy in Pakistan with PowerChina.

Naheed Memon, CEO of Oracle, commented: “The appointment of Dr Akhtar, an expert in Hydrogen fuel cells, is an important step towards advancing the development of a green hydrogen production facility in Pakistan, with PowerChina as our partner. 

“Green hydrogen is a crucial fuel source in the global transition to decarbonisation and is therefore an incredibly important addition to our growing portfolio of assets. We look to Naveed to advise us on the technological aspects of this development as well as to assist us in commercialisation and building an application market. His connections in Europe and his access to technical resource will be highly beneficial.”

Despite the news, Oracle Power's share price has slipped over 3.2% on Thursday, trading at 0.45p. Last week, the company's shares rose after it reported directors share purchases as part of its MAR compliant Director Share Purchase Plan.

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