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Latest stock market news: 20.11.2023 / 9:00am
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:
Paul Atherley, Chairman
Tim George, Chief Executive Officer
Rob Kaplan, Chief Financial Officer