THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Pensana
Plc
("Pensana"
or the "Company")
Pensana
and partners win Innovate UK grant to develop a low carbon RE
supply chain
Pensana,
working in partnership with Polestar, Route2 and the Universities
of Leeds and Hull, has been
awarded £316,643 in grant funding by Innovate UK under its CLIMATES
programme.
The partnership will work together to develop a low carbon
sustainable supply chain for rare earth magnets.
The
Project is backed by the UK Government and will use Pensana and
Polestar's low carbon and ESG engineering to review and measure
impacts, and identify opportunities, to further reduce
carbon in the
rare earth products vital for the energy transition.
Nusrat Ghani, Minister of State at
the Department for Business and Trade, has
highlighted the importance of rare earths in the CLIMATES programme
saying
"Rare earth elements underpin so much of what makes everyday
life and work possible, from the cars we drive to the phones we
use. It is essential that, in a rapidly changing world, we do all
we can to ensure resilient supplies of these and other critical
minerals. We
are laser-focused on securing robust supply chains, for the
growing, green industries that will deliver jobs and prosperity
across the UK in the decades to come."
Danny McNeice, Pensana's
Sustainability Manager commented
"We believe Polestar
0 will set the standard for the electric vehicle industry,
while Route2 has
developed
market-leading
socio-economic impact measurement software and we are delighted
to work with them and our academic partners at Leeds and Hull
Universities to establish
a UK-centric sustainable rare-earth
supply chain from "mine to magnets".
The CLIMATES programme is a £15 million fund set up to develop
critical mineral supply chains within the UK. Strand 1 was launched
in February 2023 with a focus on
stimulating research on rare earths across the
UK.
Pensana has already developed a strong approach to sustainability
through the publishing of its Blueprint for Sustainable Rare Earths
and has, through market-leading low-carbon design and renewable
power agreements at both its UK and Angolan projects, placed itself
well on the way to achieving its strategic goal to be a
leading
low
embedded carbon supplier of rare earth products on the
market.
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.
-
ENDS -
For
further information, please contact:
Shareholder/analyst
enquiries:
Pensana
Plc
Paul Atherley, Chairman IR@pensana.co.uk
Tim George, Chief Executive Officer
Rob Kaplan, Chief Financial Officer