80 Mile updates financing initiatives for Hydrogen Valley
By Josh White
Date: Wednesday 12 Feb 2025
(Sharecast News) - 80 Mile updated the market on financing initiatives for Hydrogen Valley, in which it holds a 24% stake with an option to acquire full ownership, on Wednesday.
The AIM-traded firm, formerly known as Bluejay Mining, said Hydrogen Valley's subsidiary Greenswitch had signed an exclusive consultancy agreement with the Mendelsohn Development Agency to secure grant funding and financial incentives to support its biofuel and green hydrogen development plans.
Greenswitch's facility in Italy's Basilicata region was undergoing final maintenance ahead of a restart, with initial production focussed on biofuels and sustainable aviation fuel.
Full production ramp-up was expected in the third quarter of 2025, with updates on feedstock supply and offtake agreements anticipated in the coming weeks.
Mendelsohn would assist in securing funding from multiple sources, including Italy's Contract for Development programme, which has €6bn available for industrial projects, and the EU Social Cohesion Programme, which offers up to €20m per applicant.
Greenswitch was also pursuing regional funding opportunities, and had requested the reinstatement of a €10m green hydrogen grant previously awarded under Italy's National Recovery and Resilience Plan.
80 Mile said it was confident in the plant's restart timeline, as it positioned Hydrogen Valley to access substantial financial support for its long-term renewable energy strategy.
"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," said managing director Eric Sondergaard.
"Bringing on Mendelsohn, a nationally recognised firm with extensive expertise in filing and receiving grants in Italy is a major step forward for the plant's evolution to include hydrogen and sustainable aviation fuel."
Sondergaard said shareholders could 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 six months."
At 1118 GMT, shares in 80 Mile were down 0.94% at 0.27p.
Reporting by Josh White for Sharecast.com.
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