20
November
2023
THIS
ANNOUNCEMENT
CONTAINS
INSIDE
INFORMATION
Pensana Plc ("Pensana"
or
the
"Company")
Letter
of Intent with Yorkshire Energy Park for Magnet Metal
Site
Pensana is
pleased to announce that, at an on-site event on Friday, the
17th
of
November, Pensana and The Yorkshire Energy Park ("YEP") signed a
letter of intent for the site of a future permanent magnet metal
facility within the park. The YEP is located adjacent to the
Saltend End Chemicals Park in the Humber Freeport UK.
By 2030
the UK is expected to have transitioned from being a major European
producer of internal combustion engines to being a world leader in
the manufacture of electric drive
units. Without a secure magnet metal supply chain, this transition
is under threat.
As part of
its plans to establish an independent supply chain for magnet
metals, Pensana is currently undertaking studies into the
conversion of rare earth oxides into magnet metals using electric
furnaces powered by offshore wind.
The letter
of intent with YEP covers the proposed site as well as the supply
of zero carbon electricity and a range of bespoke facilities for
the processing of rare earths in magnet metals, R&D and supply
chain activities.
The event
was also attended by the Vice Chancellor of Lincoln University, which is working with Pensana
and YEP to create a regional specialised centre of engineering
excellence, training and higher education on YEP for the Humber
region.
Paul Atherley, Pensana Chairman, commented:
"The
partnership between YEP and Pensana is part of a broader study
being undertaken to demonstrate how the UK can draw on its chemical
engineering heritage and by connecting to offshore wind to create
resilient supply chains to support the UK's automotive sector in
its transition from a major producer of internal combustion engines
to be a world leader in the manufacture of electric drive
units."
Chris Turner, YEP Chairman, commented:
"We
welcome the opportunity
to deepen our collaboration with Pensana and the University of
Lincoln on this nationally significant project. It represents
another milestone for YEP and the Humber Freeport in delivering a
zero carbon/advanced technology industrial cluster on the
Humber."
Professor
Neal Juster, Vice Chancellor of
University of Lincoln commented:
"This
collaboration not only propels opportunities for the growth of
research, development, and supply chain activities, but also sets a
new standard for sustainable energy practices. Together with our
esteemed partners, we are pleased to play a part in shaping a
future in which the Yorkshire Energy Park stands as a beacon of
excellence in engineering, training, and higher education for the
entire Humber region, bringing economic benefit as well as
supporting our Net-Zero goals."
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