REG-Pensana Plc: Letter of Intent with Yorkshire Energy Park for Magnet Metal Site

PensanaAnnouncement

20/11/2023 09:00

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



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