80 Mile has acquired a 49% interest in Hydrogen Valley Ltd and its subsidiary, Greenswitch srl – biofuels included
80 Mile has now completed Stage 3 of its acquisition of Hydrogen Valley, moving to a 49% interest. The company now has the option to increase to 100% between the period from 20 December 2025 up until 20 December 2026.
This transformative acquisition marks a significant step in 80 Mile’s strategy to become a vertically integrated exploration & production company for petrochemicals as well as industrial and natural gases. The intention is that 80 Mile will establish a new industrial gas and petrochemical business unit, which will work to diversify the Company’s portfolio to include biofuels, sustainable aviation fuels (‘SAF’), glycerine and green hydrogen.
- Hydrogen Valley, through its wholly owned subsidiary, owns the Greenswitch biofuels and chemical production complex in the Basilicata region of Italy (subject to certain payments, see Risk Considerations below).
- The Greenswitch refining facilities are located within a Special Economic Zone, which includes a free trade zone that would afford the Group numerous economic incentives and subsidies.
- Greenswitch’s facilities include fully permitted plants suitable for (amongst other things) biodiesel, epoxidized soybean oil and glycerine, with a capacity of up to 140,000 tonnes/year.
- A fundraising of £1.5m by accelerated book build managed by Zeus Capital Ltd was completed to support this transaction alongside the company’s existing cash resources.
- The acquisition has the potential to create a vertically integrated petrochemical division through large-scale production of biofuels and the expected introduction of SAF and hydrogen, with cash flow then available to develop the Company’s other advanced petroleum exploration assets.
- The Company’s plans for the facilities align with European Union (‘EU’) and Italian government initiatives, and the Directors expect to position Greenswitch to attract substantial grant funding and energy transition support. Grant applications are underway.
- 80 Mile expects to be able to finalise offtake agreements for 100% of the anticipated Greenswitch production.
- Robert Price is to join the Group as CEO of the newly formed industrial gas and petrochemical business unit with Eric Sondergaard remaining 80 Mile group CEO and MD.
READ the latest news shaping the biofuels market at Biofuels Central
80 Mile has acquired a 49% interest in Hydrogen Valley Ltd and its subsidiary, Greenswitch srl – biofuels included, source
