REG-Pensana Plc: UK Government Grant Offered for Saltend

PensanaAnnouncement

23/10/2023 07:15

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

Pensana Plc

 

("Pensana" or the "Company")

 

UK Government Grant Offered for Saltend

 

Pensana is pleased to announce that the Secretary of State for Business and
Trade has offered Pensana a Grant of up to £4,000,000 towards the funding
required to build a rare earth oxide separation facility in the ‘Humber
Freeport’ at Saltend (“Offer of Grant”).

 

The Offer of Grant, made under Section 7 of the Industrial Development Act
1982, follows an application submitted by Pensana to the Automotive
Transformation Fund, is subject to terms set out in a grant funding agreement
and conditional upon Pensana providing 1) clearance from the relevant
authority monitoring state subsidies and 2) a funding, activities and
deliverables plan which are expected to be provided in the coming weeks.

 

Chairman Paul Atherley commented: “The successful development of the US$250
million Saltend project would be an important step in supporting the UK
automotive supply chain, which employs over 780,000 people, as it transitions
to electric vehicles (EVs).

By 2030 the UK is expected to have transitioned from being a major European
producer of internal combustion engines to be a world leader in the
manufacture of electric drive units (EDUs), producing three million EDUs
annually, with a large proportion destined for export. Without a secure magnet
metal supply chain this is under threat.”

 

Pensana is establishing an independent, sustainable rare earth supply chain
with mid-stream processing to produce magnet metal in the UK.

The Saltend project will deliver 450 jobs during construction and 150 high
value jobs in operation with a significant opportunity for further expansion.

 

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

 

 

 

 

 



Copyright (c) 2023 PR Newswire Association,LLC. All Rights Reserved