LONDON (ShareCast) - (Sharecast News) - 80 Mile raised its stake in Hydrogen Valley to 49%, it announced on Wednesday, after renegotiating the terms of its stage three option, while its subsidiary Greenswitch signed a memorandum of understanding with Tecnoparco Valbasento for the potential supply of up to 40,000 tonnes of biofuel per year.
The AIM-traded firm, formerly known as Bluejay Mining, said the revised deal to increase its holding in Hydrogen Valley reduced the stage three consideration from £1m to £0.38m, which would be settled via the novation of an existing working capital loan provided to Hydrogen Valley.

No new shares would be issued, avoiding shareholder dilution.

The company said it retained the right to increase its stake to 100% between 20 December 2025 and 20 December 2026.

Further short-term funding for Hydrogen Valley would be subject to a 15% interest rate.

The biofuel MoU with Tecnoparco meanwhile marked a potential breakthrough for Greenswitch, as it looked to supply domestically produced biofuel to replace imported palm oil in Tecnoparco's cogeneration units.

Located a few kilometres from the Greenswitch plant in Pisticci, 80 Mile said Tecnoparco provides energy and utility services to industrial operators in Basilicata.

The agreement would cover an initial 40,000 tonnes per year, with the potential to increase if Tecnoparco's affiliate customers were included.

"This agreement is expected to be a win-win for both Greenswitch and Tecnoparco," said managing director Eric Sondergaard.

"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 also welcomed the increased stake in Hydrogen Valley.

"We continue to expand in the sustainable and renewable energy markets through the integration of Greenswitch into our portfolio."

He indicated further announcements could follow, noting that additional biofuel agreements could be signed in the coming months.

At 1156 BST, shares in 80 Mile were up 9.37% at 0.26p.

Reporting by Josh White for Sharecast.com.

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