80 Mile Secures Financing for Hydrogen Valley's Green Energy Plans in Italy
Key Ideas
- Hydrogen Valley, in which 80 Mile holds a 24% stake, is set to access financial support for its biofuel and green hydrogen development plans through a consultancy agreement with the Mendelsohn Development Agency.
- Greenswitch's facility in Italy is preparing to ramp up production of biofuels and sustainable aviation fuel by the third quarter of 2025.
- The company is tapping into various funding sources, including Italy's Contract for Development programme and the EU Social Cohesion Programme, to secure grants for its renewable energy projects.
- Shareholders can expect regular updates on grant progress and project developments, with a positive outlook for success in the upcoming months.
80 Mile, previously known as Bluejay Mining, provided an update on financing initiatives for Hydrogen Valley, a company in which it holds a 24% stake with an option for full ownership. The subsidiary Greenswitch has entered into 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 is undergoing final maintenance ahead of a restart, with a focus on biofuels and sustainable aviation fuel. Full production is expected to ramp up in the third quarter of 2025, with further updates on feedstock supply and offtake agreements expected. Mendelsohn will help secure funding from sources like Italy's Contract for Development programme and the EU Social Cohesion Programme. Additionally, Greenswitch is pursuing regional funding opportunities and has requested the reinstatement of a €10m green hydrogen grant from Italy's National Recovery and Resilience Plan. 80 Mile expressed confidence in the plant's restart timeline and the financial support available for Hydrogen Valley. Shareholders can anticipate ongoing updates on grant progress and project developments. The managing director highlighted the positive evolution of the plant, especially in including hydrogen and sustainable aviation fuel. Overall, the outlook for success in the renewable energy sector appears promising in the next six months.