11 March
2024
Chariot
Limited
("Chariot" or "the
Company")
Completion of Feasibility
Study on Green Hydrogen Project in Mauritania
Confirms world class
potential, outlines first phase planning for domestic offtake and
export development
Chariot, the Africa focused
transitional energy group, is pleased to announce the completion of
the Feasibility Study for the large-scale green hydrogen project
"Project Nour" in Mauritania which has now been presented to the
Government of Mauritania. Project Nour is equally owned through a
50%/50% partnership between Chariot's fully owned subsidiary
Chariot Green Hydrogen and TE H2, a company co-owned by
TotalEnergies and EREN Group, and is being developed with the
support of Mauritania's Ministry of Petroleum, Energy and
Mines.
Highlights:
· Further definition of the scale and viability of the project,
building on the Pre-Feasibility Study completed in 2022 which
confirmed that with up to 10 GW of electrolysis installed, Project
Nour could become one of the largest green hydrogen projects
globally
· Intention to execute a phased development with a first
phase renewable capacity of 3 GW, powering
up to 1.6 GW of electrolysis capacity, to
produce 150 kt of green hydrogen per annum
· Offtake possibilities: domestic use for green steel production
and export of green ammonia
· Geographical proximity to Europe and existing deep-sea port at
Nouadhibou provides favorable export
options
· Sustainable economic development with local content plan aimed at maximizing employment and
business opportunities in Mauritania
· Completed in compliance with Equator Principles and IFC
Performance Standards
· Next
steps include completion of investment framework,
engineering conceptual study and offtake
negotiations
H.E. Minister Nani Chrougha of the Mauritanian Ministry of
Petroleum, Mines and Energy, commented: "With the completion of the feasibility study of Project Nour, Mauritania has just taken an important
step forward on the path to realising its green hydrogen ambitions.
We are fully committed to the development of this sector, our aim
is to be the largest producer and exporter of
hydrogen on the African continent and we believe that Project Nour
could support this objective.
We are pleased to have recently
received considerable, high-level support from the European
Commission, with Mauritania being selected as a key partner in the
EU's Global Gateway initiative for future hydrogen exports and
green steel production. This highlights opportunities that will be
mutually beneficial in the long term. Our will is firm to continue
to coordinate with our partners and encourage the industry through
the development of major energy projects such as Nour."
Laurent Coche Chariot Green Hydrogen CEO
commented,
"This Feasibility Study further
corroborates how important this project stands to be within the
context of the future green hydrogen market. Nour's size and scale
has the potential to have a material impact both as a domestic and
export producer and we are proud to have set the development along
this path. With TE H2 and the Government we will continue to look
at how best to bring it into production to maximise value in the
near and long term for the benefit of all stakeholders."
Enquiries
Chariot Limited
Adonis Pouroulis, CEO
Julian Maurice-Williams,
CFO
|
+44 (0)20 7318 0450
|
Cavendish Capital Markets Limited (Nomad and Joint Broker)
Derrick Lee, Adam Rae
|
+44 (0)131 220 9778
|
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart, Ashton
Clanfield
|
+44 (0) 20 7710 7760
|
Celicourt Communications (Financial PR)
Mark Antelme, Jimmy Lea
|
+44 (0) 20 7770 6424
|
NOTES FOR EDITORS:
About Chariot
Chariot is an Africa focused
transitional energy group with three business streams, Transitional
Gas, Transitional Power and Green Hydrogen.
Chariot Transitional Gas is focused
on a high value, low risk gas development project offshore Morocco
in a fast-growing emerging economy with a clear route to early
monetisation, delivery of free cashflow and material exploration
upside.
Chariot Transitional Power is
focused on providing competitive, sustainable and reliable energy
and water solutions across the continent through building,
generating and trading renewable power.
Chariot Green Hydrogen is partnering
with Total Eren and the Government of Mauritania on the potential
development of a 10GW green hydrogen project, named Project
Nour.
The ordinary shares of Chariot
Limited are admitted to trading on the AIM under the symbol
'CHAR'.
https://chariotenergygroup.com