The Government of Mauritania through the Ministry of Petroleum, Mines & Energy and Chariot, the Africa-focused transitional energy group announced that the Pre-Feasibility Study ("PFS") for the large green hydrogen project "Project Nour" in Mauritania has been completed and a Framework Agreement has been signed, mapping out the next phases of development. PFS confirms that Mauritania is exceptionally well-placed for green hydrogen production due to its world class solar and wind resources and the project has the potential to produce some of the cheapest green hydrogen in the world. With up to 10 GW of electrolysis installed, Project Nour could become one of the larger green hydrogen projects globally by 2030.

Mauritania has unique and complementary wind and solar conditions, underpinning attractive project economics. Benefits from proximity to large European markets, potentially making Mauritania one of the world's main producers and exporters of green hydrogen and its by-products. Chariot recently signed a partnership agreement with the Port of Rotterdam for sales of green hydrogen and its derivative products into Europe.

In-country value creation is designed to be core to Project Nour and across the value chain. Domestic benefits for Mauritania include providing baseload power to the national grid, diversifying industrial activities (e.g., green steel), promoting job creation and developing local infrastructure with the potential to have a significant impact on GDP. Framework Agreement defines the terms and guiding principles to pave the way for the in-depth feasibility study that will be undertaken over the next 24 months.

Partnering process underway with the objective to form a world class consortium.