Shares in 80 Mile PLC (LSE:80M) surged by around 13% in early trading on Wednesday after the company announced a key memorandum of understanding (MoU) in Italy that could lead to a significant biofuel supply agreement.
Under the MoU, Greenswitch—a subsidiary partially owned by 80 Mile—will supply 40,000 tonnes of biofuel annually to Tecnoparco, an Italian multi-utility firm. The agreement aims to streamline the supply chain, cut shipping costs, and replace imported biofuels with a more sustainable, locally sourced alternative.
Managing Director Eric Sondergaard described the deal as a “win-win” for both parties: “Greenswitch gains a local buyer for its biofuel, while Tecnoparco replaces imported palm oil with a cleaner, nearby alternative. The proximity of the supplier adds further environmental and economic value.”
Sondergaard also hinted at further growth opportunities: “We’re excited about the potential for similar agreements in the near future and will keep shareholders updated.”
Separately, 80 Mile announced it now holds a 49% stake in the Hydrogen Valley project. The company also renegotiated the Stage 3 option of its acquisition of Greenswitch, replacing a planned £1 million share issuance with a £380,000 loan—reducing dilution and preserving capital. This revised option remains valid until December 2026.
Sondergaard added, “We continue to strengthen our position in the sustainable and renewable energy sectors through the integration of Greenswitch. We have the option to increase our stake to 100% between December 2025 and December 2026.”
As of Wednesday morning, 80 Mile shares were up 11.46%, trading at 0.27p and valuing the company at just over £10 million.
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