7 July 2022
THIS ANNOUNCEMENT
CONTAINS INSIDE INFORMATION
Pensana Plc
("Pensana" or the
"Company")
Pensana Plc and Yorkshire Energy
Park announce the world's first rare earth processing
hub powered by offshore wind.
Pensana is pleased to announce that it has signed a
letter of intent securing private wire connection to
battery storage operated by Yorkshire Energy Park under which
it will have access to 4 MW rising to 10 MW of low carbon
electricity for 10 years.
Pensana will use the low-cost and resilient supply of low-carbon
electricity to power the Saltend separation facility and then later
to power the conversion of NdPr Oxide into magnet metal, making it
the first in the world to use offshore wind to produce ultra-low
carbon magnet metal.
The Yorkshire Energy Park will include up to 200 MW of battery
storage and is located adjacent to Pensana’s site within the
Saltend Chemicals Park. The £200m next-generation energy facility
will connect 7 GW of offshore wind to industrial consumers via
large-scale batteries. The closest wind farm is the RWE-operated
Humber Gateway located 32 kilometres from Saltend.
Pensana Chairman Paul Atherley commented:
“Through the private wire connection to Yorkshire Energy
Park, our aim is to become the world’s lowest carbon magnet
metal producer, with Pensana becoming the first company globally to
use offshore wind to produce ultra-low carbon magnet metal.
In our off-take discussions with the major Automotive OEMs
there is increasing importance being placed on the security of
supply and low-embedded carbon. The production of an ultra-low
carbon magnet metal further enhances Saltend
in its rapidly growing importance in
the European and US magnet metal supply
chains.”
Yorkshire Energy Park (YEP) Chairman
Chris Turner, commented:
“YEP are delighted to be working with
Pensana on the world’s first rare earth processing hub to be
powered by offshore wind. The future for energy in the Humber
estuary is very exciting and YEP is at the forefront of the drive
to zero-carbon.”
-ENDS-
For further information, please
contact:
Shareholder/analyst enquiries:
Pensana
Plc
Paul Atherley,
Chairman
Tim George, Chief Executive
Officer
Rob Kaplan, Chief Financial
Officer
Virginia Skroski, Head of
Investor Relations &
Communications
IR@pensana.co.uk
Media enquiries:
Finsbury Glover Herring:
Gordon Simpson / Richard
Crowley
Pensana-LON@finsbury.com
The information contained within this announcement is considered
by the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No.596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information will be considered to be in the public domain.
The person responsible for arranging for the release of this
announcement on behalf of the Company is Paul Atherley (Chairman).
About Pensana Plc
The electrification of motive power is by far the most important
part of the energy transition and one of the biggest energy
transitions in history. Magnet metal rare earths are central to the
transition away from internal combustion engines and critical to
electric vehicles and offshore wind turbines.
Pensana plans to establish Saltend as an independent and
sustainable processing hub supplying the key magnet metal oxides to
a market which is currently dominated by China. The US$195
million Saltend facility is being designed to produce 12,500
tonnes per annum of rare earth oxides, of which 4,500 – 5,000
tonnes will be neodymium and praseodymium (NdPr), representing over
5% of the world market in 2025.
Pensana’s plug and play facility is located within the world
class Saltend Chemicals Park, a cluster of leading chemicals and
renewable energy businesses in the Humber Freeport and will create
over 500 jobs during construction and over 125 direct jobs once in
production.
It will be the first major separation facility to be established
in over a decade and will become one of only three major producers
located outside China.
Pensana is aiming to establish Saltend as an attractive
alternative for mining companies who may otherwise be limited to
selling their products to China,
having designed the facility to be easily adapted to cater for a
range of rare earth feedstocks.
www.pensana.co.uk