TIDMPRE

Pensana PLC

01 November 2021

Pensana Plc

("Pensana" or "the Company")

UK Government commits GBP3.2 billion to electric vehicles and 40 GW of offshore wind, recharges ATF with a GBP350 million boost and commits to UK Critical Minerals Strategy in 2022.

Chancellor Rishi Sunak in his Autumn budget and spending review has announced over GBP3.2 billion of commitments to electric vehicles and offshore wind in the UK to support the Net Zero 2050 and the Levelling Up agendas.

The commitments include:

   --    GBP817 million for the electrification of UK vehicles and their supply chains, 
   --    GBP620 million for public charging infrastructure, 

-- GBP1.4 billion Global Britain Investment Fund supporting automotive manufacturing sectors and offshore wind with the target of 40 gigawatts by 2030.

These new commitments follow the recently announced GBP350 million increased funding to the GBP1 billion Automotive Transformation Fund to 'ensure the UK remains at the forefront of the development and industrialisation of zero emission vehicle technologies'.

The UK has also committed to publish a UK Critical Minerals Strategy in 2022. Pensana is looking forward to assisting Government and contributing to that strategy.

These Government commitments come at a time when Pensana is completing its FEED for the establishment of a world class magnet metal rare-earth processing hub located at Saltend Chemicals Park in the Humber Freeport.

Saltend will be an important step in establishing a independent and sustainable supply chain for the magnet metals critical for the burgeoning electric vehicle and offshore wind industries.

Julian Hetherington, Automotive Transformation Director at the Advanced Propulsion Centre said :

"I am delighted that this further GBP350m of government funding will accelerate progress towards zero carbon footprint in manufacturing in the UK. By tapping into the UK's expertise and innovation, green jobs are created and safeguarded, and emissions are lowered. This further tranche of capital funding will unlock significant manufacturing capacity investment across these vital technologies delivering on the net-zero commitment".

 
 
   For further information: 
 Pensana Plc 
 Website:                                 www.pensana.co.uk 
  Paul Atherley, Chairman / Tim George,    contact@pensana.co.uk 
  CEO 
 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word "Reach" in the source column of the News Explorer pages of London Stock Exchange's website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NRAKZMZGDLKGMZM

(END) Dow Jones Newswires

November 01, 2021 06:00 ET (10:00 GMT)

Pensana (LSE:PRE)
Gráfico Histórico do Ativo
De Fev 2024 até Mar 2024 Click aqui para mais gráficos Pensana.
Pensana (LSE:PRE)
Gráfico Histórico do Ativo
De Mar 2023 até Mar 2024 Click aqui para mais gráficos Pensana.