12th Feb 2025 14:41
(Alliance News) - 80 Mile PLC on Wednesday noted an announcement by Hydrogen Valley Ltd, in which it has a 24% stake.
80 Mile, a Greenland and Finland-focused company with a portfolio of critical metal and industrial gas projects, noted an announcement by Hydrogen Valley regarding an exclusive consultancy agreement signed between HV's subsidiary Greenswitch Srl and Mendelsohn Development Agency, aimed at progressing financing initiatives for Greenswitch.
Mendelsohn is a Bari, Italy-based firm with extensive experience in the regulatory aspects associated with applying for and securing grants and other fiscal incentives from government agencies at regional and national levels.
The Greenswitch plant, for which funding is required, is located in the Basilicata region, about 130 kilometres, or 80 miles, from Bari.
The Basilicata region has received EUR10 million from the Italian government for the purpose of green hydrogen development.
80 Mile said it remains confident of a plant restart in the coming weeks once feedstock materials are received.
80 Mile added that the plant, which was closed during 2018 for refurbishment, is ready for a complete restart, and full production ramp up is expected in the third quarter of 2025.
80 Mile Managing Director Eric Sondergaard said: "The plant continues to evolve as expected and we are very pleased with developments to date, financing options available to Greenswitch are extensive and we are confident of the eventual outcome here. Bringing on Mendelsohn, a nationally recognised firm with extensive expertise in filing and receiving grants in Italy is a major step forward for the plants evolution to include hydrogen and sustainable aviation fuel.
"Shareholders can look forward to regular updates on progress with respect to grants and incentive programmes as well as project updates on Disko and Jameson. 2025 is shaping up to be our best year to date and I remain confident of success on multiple fronts in the next 6 months."
In mid-January, the company announced that the acquisition of up to a 49% interest in Hydrogen Valley Ltd, or HV, had completed stage 2, moving to a 24% interest in HV.
80 Mile shares were 1.9% lower at 0.26 pence each on Wednesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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