22 April 2024

Ora Technology PLC

("Ora" or the "Company")

Interim accounts

Ora Technology PLC (AQSE: ORA/ OTC: ORCPF) announces its unaudited results for the six months ended 31 January 2024.

Comments from Michael Edwards, Chairman of Ora Technology plc:

"Ora Technology plc (AQSE: ORA/OTC: ORCPF) is a software company that is developing a digital carbon trading platform that intends to offer users the ability to buy, sell and retire carbon credits in the voluntary carbon market, an instrument used by both the public and private sectors to work towards carbon neutral and net-zero climate goals announces its unaudited financial results for the six months ended 31 January 2024.

I would like to take this opportunity to thank all shareholders for their support, which has enabled the Company to ramp up its resources and activities in a very short time. The key driver of our core business will be the growth of the overall carbon offset market. Whilst the voluntary carbon credits sector has not generated attractive returns in the period, the Directors believe that the market fundamentals suggest the sector will develop significantly along with the regulatory environment.

Morgan Stanley predicts that the carbon offset market will grow from a base of $2B in 2020 to over $250B by 2050 (https://www.morganstanley.com/ideas/carbon-offset-market-growth) - our mission at Ora is to capture this explosive market for retail investors. A key element to capturing this growing market is to build a robust and delightful product.

Our IPO and investment in the business in 2023 provide a solid platform for long term growth and the value necessary to drive revenue in the year ahead and beyond. Our waitlist pipeline remains robust and has exceeded our expectations. We are confident that we have laid the foundation to provide tremendous value to our customers and as well as create long-term shareholder value.

Our commencement of cross trading on the OTCQB market allows the Company to access one of the world's largest investment markets to expand its reach into a broader pool of investors. Ora's shares will be available to US investors during US working hours and priced in US dollars and thus have the potential to enable greater liquidity in the Company's shares on the Aquis Stock Exchange by easing cross-border trading for potential US investors."

Michael Edwards - Chairman

The directors of Ora accept responsibility for this announcement. 

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 
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About Ora Technology 

Ora Technology PLC is a software company that is developing a digital carbon trading platform that intends to offer users the ability to buy, sell and retire carbon credits in the voluntary carbon market, an instrument used by both the public and private sectors to work towards carbon neutral and net-zero climate goals. Ora's 'Ora Carbon' platform aims to allow access to carbon assets - and the broader carbon economy - with the goal of reducing the complexity of current industry practices and an emphasis towards providing a simple and intuitive user experience.