Oando Plc has signed a Memorandum of Understanding (MOU) with United States-based FuelCell Energy, a leading global innovator in sustainable clean energy technologies.

The MoU was signed during a roadshow hosted by the U.S. Agency for International Development (USAID) Mission in Nigeria, U.S. Government Prosper Africa, and Power Africa initiatives.

According to a statement made available to The Star on Tuesday, October 17, Oando noted that the agreement signifies a substantial leap forward in advancing renewable power solutions in Nigeria.

The company stated that under the terms of the agreement, FuelCell Energy and Oando Clean Energy Limited (OCEL), the renewable energy subsidiary of Oando Energy Resources (OER), a part of Oando Plc, will collaborate on the development of a cutting-edge 5 to 15-Megawatt (MW) power plant.

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It added: “This visionary partnership is poised to harness FuelCell Energy’s advanced fuel cell and electrolyzer technology while delving into integrating its carbon capture and sequestration technologies.

“The partnership closely aligns with OCEL’s mission to enhance electricity accessibility throughout African markets, beginning in its home nation, Nigeria. OCEL regards this collaboration as a pivotal stride toward advancing Nigeria’s industrialisation and expanding power access.”

Speaking on the agreement, the OCEL Chairman, Wale Tinubu, emphasised the increasing recognition of renewable energy as a sustainable and long-term solution for the world’s energy requirements.

Tinubu said this recognition has led to lower prices and the emergence of innovative and more accessible solutions, including those offered by FuelCell Energy.

“Their flexible, cost-effective, and state-of-the-art scalable technology gives us confidence that we have chosen a good partner to help Nigerians access reliable low-carbon energy,” the billionaire oil mogul stated.

The Star