#London #United Kingdom #Hydrogen Valley #80 Mile PLC #Tecnoparco

80 Mile PLC Expands Stake in Hydrogen Valley and Signs Biofuel Agreement

In a significant development, 80 Mile PLC, a publicly traded exploration and development company, has increased its stake in Hydrogen Valley to 49% following a recent Memorandum of Understanding (MOU) with Tecnoparco Valbasento. This collaboration aims to supply up to 40,000 tonnes annually of biofuel from its subsidiary, Greenswitch Srl, highlighting the company's commitment to sustainable energy solutions.

Details of the MOU with Tecnoparco

The MOU with Tecnoparco is aimed at optimizing the procurement of biofuel for its cogeneration units. Currently, Tecnoparco relies on imported palm oil, which comes at a significant environmental cost. By signing this MOU, Tecnoparco can shorten their supply chain and enhance its sustainability efforts.

Situated in the Basilicata region of Italy, Tecnoparco, founded in 1990, specializes in providing a variety of utilities to industrial customers. The proximity of Greenswitch’s biofuel plant in Pisticci, just a few kilometers away, underscores the practicality of this agreement. The MOU is expected to serve as a foundation for potential future contracts, as Italy's refineries are increasingly looking to integrate biofuels into their operations for cleaner production.

Strategic Growth with Hydrogen Valley

On December 19, 2024, 80 Mile announced its option to acquire a 100% interest in Hydrogen Valley and successfully raised its interest from 24% to 49%. This latest agreement renegotiated the terms for the Stage 3 option, reducing the cash consideration from £1 million to £380,000 and allowing the company to utilize a working capital loan to facilitate the transaction. This strategic move not only conserves cash resources but also limits shareholder dilution.

Managing Director Eric Sondergaard expressed enthusiasm regarding both recent developments. He stated that the partnership with Tecnoparco positions Greenswitch as a local provider of eco-friendly biofuels that address current market demands for sustainability. In addition, the company continues to explore opportunities to increase its stake in Hydrogen Valley, which aligns with its overarching strategy of expanding in the renewable energy sector.

80 Mile’s Broader Vision

80 Mile PLC operates primarily in high-grade critical metals in Tier 1 jurisdictions while diversifying into industrial gas and biofuels. Its recent operations include the acquisition of White Flame Energy and licenses for industrial gas, further establishing its foothold in the energy sector. The company prioritizes partnerships and strategic alliances to maximize resource development.

The Disko-Nuussuaq nickel-copper-cobalt project in Greenland remains a focal point for 80 Mile, but equipping Greenswitch with biofuels reinforces its commitment to responsible resource management. Concurrently, its Dundas Ilmenite Project has shown considerable promise, notably with recent discoveries enhancing its potential as a major supplier of high-quality ilmenite.

Moreover, 80 Mile has divested some assets to streamline operations and focus on its primary strategies, including managing energy solutions and exploring conventional energy resources effectively.

Conclusion

The MOU with Tecnoparco and the increase in stake in Hydrogen Valley signal not just a commitment to sustainability but also a strategic shift towards integrating renewable energy solutions in its core operations. As the demand for sustainable alternatives grows, 80 Mile PLC is poised to lead by offering cleaner options while ensuring growth through innovative partnerships. Stakeholders can remain optimistic about future updates as the company continues navigating through the changing landscape of the renewable energy sector.

For more information, visit the official 80 Mile PLC website.