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Oracle Resources Shares Rally on Pakistan Facility Update 

Sam Boughedda trader
Updated 1 Dec 2021

 Green hydrogen firm Oracle Power has jumped over 10% Wednesday following an update on its strategy to develop a green hydrogen production facility in Pakistan, in partnership with PowerChina International Group.

The AIM-quoted firm told investors that a preliminary study was completed by PowerChina to ascertain key technical and commercial outlines for the delivery of a facility to produce hydrogen with electrolysers powered by photovoltaics and wind energy in Pakistan.

They are targeting a 400MW capacity hydrogen plant, with approximately 150,000kg per day planned hydrogen production.

Oracle is now seeking technology suppliers and assessing costs across Europe, Japan, and South Korea to support the advancement of the strategy.

Meanwhile, they are in negotiations with the provincial government to determine the required infrastructure in the Province of Sindh.

With there being a rise in renewable energy projects globally, Naheed Memon, CEO of Oracle, explained that “in the relatively short space of time since Oracle signed its co-operation agreement with PowerChina, there has been a sizeable uptick in the adoption of green hydrogen projects internationally from Australia, Egypt, Namibia, the UAE to the UK. 

“This is clearly a movement which is gaining momentum and support and Oracle, together with our partners at PowerChina, are uniquely positioned to bring this technology to Pakistan.”

Oracle shares are currently trading at 37p.

Should you invest in Oracle Power shares?

Oracle Power shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are ORCP shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.