Shares in 80 Mile PLC (AIM:80M, OTCQB:BLLYF) rose 10% to 0.75p after the renewable fuels developer unveiled three new strategic partnerships and confirmed it will take full ownership of its Ferrandina biofuels facility in southern Italy.
The AIM-listed group signed memorandums of understanding with a Fortune 500 energy major, Italian fuel distributor Ludoil Energia, and JEnergy, securing both feedstock supply and offtake arrangements for biodiesel and sustainable aviation fuel (SAF).
Together, the deals provide commercial visibility for up to 130,000 tonnes a year of biofuel production from early 2026.
Under one agreement, the unnamed energy group will supply up to 80,000 tonnes of renewable feedstocks, including used cooking oil and palm oil derivatives, to Ferrandina starting in November 2025.
Separately, Ludoil will utilise half the plant’s 150,000-tonne annual capacity under a tolling deal, generating an estimated €8 million in annual profit for 80 Mile, with full output expected by January 2026.
The company also struck a supply agreement with Rome-based JEnergy for 10,000 tonnes of biodiesel from 2026, with discussions underway to expand into SAF and hydrotreated vegetable oil.
Alongside these partnerships, 80 Mile will acquire the remaining 50% of Hydrogen Valley, giving it full control of Ferrandina through subsidiary Greenswitch Srl.
The transaction includes €100,000 in cash and 230 million new shares issued to vendor Greendome Holdings, plus deferred payments linked to future performance.
Chief executive Eric Sondergaard said the agreements “mark a step change” for Ferrandina, securing half of the plant’s capacity and demonstrating strong industry interest in renewable fuels.
He added that the plant is now positioned as a “key processing hub” in Europe’s low-carbon energy transition.