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80 Mile PLC on Wednesday said it has increased its interest in Hydrogen Valley Ltd to 49% and announced that its associated company Greenswitch Srl has signed a local biofuel supply agreement in Italy. The Greenland and Finland-focused company with a portfolio of critical metal and industrial gas projects said the agreement between Greenswitch and Tecnoparco Valbasento covers the supply of up to 40,000 tonnes per year of biofuel. The fuel would be used in Tecnoparco’s cogeneration units and replace imported palm oil, helping the industrial utility operator lower its environmental impact and reduce costs. Tecnoparco is based in Pisticci in southern Italy’s Basilicata region, just a few kilometres from Greenswitch’s biofuel facility. The companies noted that additional volumes could be added under the agreement if Tecnoparc’s affiliated industrial clients join the scheme. Greenswitch is a subsidiary of Hydrogen Valley, in which 80 Mile now holds a 49% stake, up from 24%. The increase was achieved through a renegotiation of terms, allowing 80 Mile to settle the £380,000 consideration via a loan novation rather than issuing new shares or paying the previously agreed £1 million in cash. ‘This agreement is expected to be a win-win,’ said 80 Mile Managing Director Eric Sondergaard. ‘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.’ Sondergaard added that the move to nearly half ownership in Hydrogen Valley strengthens 80 Mile’s foothold in renewable energy, as part of its broader strategy to diversify into clean fuels alongside its critical metals and industrial gas projects in Greenland. The company retains an option to increase its Hydrogen Valley stake to 100% between December 2025 and December 2026. Further financing to the hydrogen subsidiary will carry a 15% interest rate. Shares in 80 Mile rose 17% to 0.28 pence in London on Wednesday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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