REG - 80 Mile PLC - 49% Interest in Hydrogen Valley & Greenswitch MOU

80 MileAnnouncement

Wed 07:00

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RNS Number : 2345Q  80 Mile PLC  09 July 2025

9 July 2025

 

Greenswitch Memorandum of Understanding with Tecnoparco

80 Mile Moves to 49% Interest in Hydrogen Valley

80 Mile PLC ("80 Mile" or the "Company"), the AIM, FSE listed and OTC traded
exploration and development Company, is pleased to provide an update on
Greenswitch Srl ('Greenswitch'), a subsidiary of Hydrogen Valley Ltd
('Hydrogen Valley' or 'HV') in which 80 Mile has an interest. The Company also
announces its increased interest in Hydrogen Valley to 49%.

Greenswitch Memorandum of Understanding with Tecnoparco

Greenswitch has signed a Memorandum of Understanding ('MOU') with Tecnoparco
Valbasento ('Tecnoparco') for the procurement of up to 40,000 tonnes per year
('tpa') 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.

Tecnoparco is a multi-utility focused on providing services and utilities to
its industrial customers based in the Region of Basilicata. Services include
water treatment, and the supply of natural gas, electricity, steam, and other
products. Tecnoparco was formed in 1990 as a public-private endeavour to help
promote the development of industry in the Valbasento area of Basilicata. The
company is located in the town of Pisticci, only a few kilometres from
Greenswitch's biofuel plant.

Greenswitch believes this could be the first MOU of several to be signed in
the coming months, as there are a growing number of refineries in Italy that
are planning to introduce a percentage requirement of biofuel for mixing
purposes with crude oil for the production of various products.

80 Mile Increases Interest in Hydrogen Valley to 49%

80 Mile announced on 19 December 2024
(https://www.80mile.com/regulatory-news/75603) that it has the option to
acquire up to a 100% interest in Hydrogen Valley, and moved to a 24% interest,
as announced on 16 January 2025 (https://www.80mile.com/regulatory-news/76674)
. Further to this, the Company is pleased to announce that it 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.
The Company has saved significant funds and minimised shareholder dilution by
renegotiating the terms of Stage 3. The Stage 4 option remains unchanged at
this time. Further short term financing of Hydrogen Valley will be subject to
15% interest.

Eric Sondergaard, Managing Director of 80 Mile, commented:

"We are pleased to see this development by Greenswitch to sign an MOU for the
sale of up to 40,000 tpa of biofuel to Tecnoparco. This agreement is expected
to be a win-win for both Greenswitch and Tecnoparco, as it will lead to the
sale of some of Greenswitch's biofuel to a local company, and for Tecnoparco,
it will help to address the need for a cleaner alternative to the palm oil
that it currently imports, from a supplier that is located only a few
kilometres away. It is exciting to hear of the potential opportunities for
similar agreements to arise in the coming months, and we look forward to
keeping shareholders up to date with any news.

"I am also delighted to announce that 80 Mile has now moved to a 49% interest
in Hydrogen Valley, as we continue to expand in the sustainable and renewable
energy markets through the integration of Greenswitch into our portfolio. We
now have the option to increase to 100% between the period from 20 December
2025 up until 20 December 2026, and we will provide any updates accordingly."
 

For further information, please visit http://www.80mile.com or contact:

 Eric Sondergaard                                  80 Mile plc                          enquiry@80mile.com
 Ewan Leggat / Devik Mehta                         SP Angel Corporate Finance LLP       +44 (0) 20 3470 0470

(Nominated Adviser and Broker)
 Harry Ansell / Katy Mitchell / Andrew de Andrade  Zeus Capital Limited (Joint Broker)  +44 (0) 20 3829 5000
 Megan Ray / Said Izagaren                         BlytheRay                            +44 (0) 20 7138 3204

(Media Contact)

                                                                                        80mile@blytheray.com

 

About 80 Mile Plc:

80 Mile Plc, listed on the London AIM market, Frankfurt Stock Exchange, and
the U.S. OTC Market under the ticker BLLYF, is an exploration and development
company focused on high-grade critical metals in Tier 1 jurisdictions. With
multiple projects in Greenland, as well as a developing industrial gas and
biofuels business in Italy, 80 Mile offers both portfolio and commodity
diversification focused on base metals, precious metals, and industrial gas
while expanding into sustainable fuels and clean energy solutions in Tier 1
jurisdictions. 80 Mile's strategy is centred on advancing key projects while
creating value through partnerships and strategic acquisitions.

 

80 Mile's recent acquisition of White Flame Energy and the Jameson licenses
expands its portfolio into the energy and gas sector, adding large-scale
licenses for industrial gas, natural gas, and liquids in East Greenland.
Approved by shareholders in July 2024, this acquisition diversifies the
Company's assets and aligns with its strategy to contribute to sustainable
energy solutions, while also exploring conventional energy resources.

 

The Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland is a primary
focus for 80 Mile, 100% owned by 80 Mile PLC. Seven priority targets
exhibiting spatial characteristics indicative of potential deposits on a scale
comparable to renowned mining operations such as Norilsk, Voisey's Bay, and
Jinchuan, will be advanced by the Company.

 

The Dundas Ilmenite Project, 80 Mile's most advanced asset in northwest
Greenland, is fully with a JORC-compliant Mineral Resource of 117 Mt at 6.1%
ilmenite and an offshore Exploration Target of up to 530 Mt. Dundas is poised
to become a major supplier of high-quality ilmenite. Recent discoveries of
hard rock titanium mineralization, with bedrock samples showing nearly double
the ilmenite content of previous estimates, further enhance the project's
world-class potential. 80 Mile owns 100% of the Dundas Ilmenite Project under
its subsidiary Dundas Titanium A/S in Greenland.

 

In June 2025, 80 Mile entered into a definitive agreement to divest its 100%
interest in the Kangerluarsuk zinc-lead-silver project in Greenland to Amaroq
Minerals Ltd. Under the terms of the agreement, 80 Mile will receive
US$500,000 in Amaroq Minerals shares upon completion, and US$1,500,000 in cash
or shares upon the discovery of an economic deposit, as defined by a JORC or
NI 43-101 compliant resource that supports development.

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