80 Mile increases shareholding of Hydrogen Valley to 49%

In the UK, 80 Mile PLC has increased its interest in Hydrogen Valley to 49%. 80 Mile announced on December 19, 2024 that it has the option to acquire up to a 100% interest in Hydrogen Valley, and moved to a 24% interest, as announced on January 16, 2025. Further to this, the has now moved to a 49% interest in Hydrogen Valley after renegotiating the terms for the exercise of the Stage 3 option. The Company and the vendors of HV have agreed that no shares of 80 Mile would be issued for the exercise of the Stage 3 option and the cash consideration reduced from £1 million to £380,000, which will be settled by the novation of a £380,000 working capital loan, that has been provided to HV, to satisfy the consideration due to the vendors of HV.
Greenswitch has signed a Memorandum of Understanding with Tecnoparco Valbasento for the procurement of up to 40,000 metric tons per year of biofuel from Greenswitch, for use in its cogeneration units. At present, Tecnoparco imports palm oil from outside of Italy, so this agreement would not only shorten the supply chain and reduce Tecnoparco’s shipping costs, but also help to increase its sustainability credentials by moving away from palm oil. The MOU is in respect of an initial 40,000 tpa of biofuel, but this number could increase if Tecnoparco decides to include its affiliate industrial operators.