RE: U.S Department of Energy: Sustainable Aviation Fuel Grand Challenge24 Feb 2025 19:43
All this talk of SAF is rather premature don't you think? We don't yet know whether HV actually owns Greenswitch ,let alone whether or not 80M can / will / is buying it. Horse before the cart. Seems like some people in their rush to ramp up 80M are forgetting a few rather crucial points.
1. Hydrogen Valley's continued ownership of Greenswitch is conditional on Hydrogen Valley making payments totalling between c.€2.5m and c€4.1m up to 30 June 2027 to the previous owner of Greenswitch, (the "Previous Owner") (the "Primary Acquisition Payments") pursuant to the terms of a sale and purchase agreement.
2. In the event that Hydrogen Valley fails to make the Primary Acquisition Payments the Previous Owner can terminate the original acquisition agreement between Hydrogen Valley and Greenswitch, at which time ownership of Greenswitch will revert to the Previous Owner and pursuant to the Italian Civil Code it is likely, but not guaranteed, that all sums paid by Hydrogen Valley to the Previous Owner would be returned to Hydrogen Valley.
3. The amount payable as a Primary Acquisition Payment is dependant on whether the €10m government grant, refereed to above, is granted to Greenswitch. Hydrogen Valley does not currently have the funds to make all the Primary Acquisition Payments but in the event 80M completes the acquisition of a 100% interest in Hydrogen Valley, as set out in this announcement, the monies provided will ensure Hydrogen Valley can make all the Primary Acquisition Payments.
4. If 80M does not acquire a 100% interest in Hydrogen Valley, and/or if Hydrogen Valley cannot source any other funding, there can be no guarantee that 80M's interest in the Greenswitch project will be maintained.
5. In addition, 80M does not currently have the funds, or shareholder authorities in place, to enable the completion of the proposed purchase of all of the issued share capital of Hydrogen Valley,
6. The Project is also subject to mortgages in excess of €12m which should have been discharged prior to Hydrogen Valley acquiring Greenswitch but due to administrative error they have not been actioned. The Directors intend that this matter will be resolved before 80M acquires a material interest in the Project.
7. Greenswitch is the subject of various disputes before the Italian courts including the ownership of the project. The Previous Owner has indemnified Hydrogen Valley against all associated costs, payments and legal expenses associated with these claims and Hydrogen Valley can suspend payments to the Previous Owner until such time as these payments are made. 80M will not take a material position in Hydrogen Valley until these matters are resolved.
But don't let these matters interfere - they are an inconvenient irrelevance. LOL.