Pensana PLC First phase project progression from the UK ATF (7228T)
March 29 2021 - 1:00AM
UK Regulatory
TIDMPRE
RNS Number : 7228T
Pensana PLC
29 March 2021
29 March 2021
First phase project progression from
the UK Automotive Transformation Fund
Pensana Plc (LSE: PRE) ("Pensana" or "the Company") is pleased
to report that the Company's proposed rare earth processing
facility at the world-class Saltend Chemicals Park ("Saltend") has
received first phase progression from the UK Government's GBP1
billion Automotive Transformation Fund (ATF) which seeks to support
the national transition to Electric Vehicles.
The UK electrified supply chain opportunity is estimated at
GBP24 billion over the next five years. The ATF is a long-term
programme designed to enable the UK to build the world's most
comprehensive and compelling electrified vehicle supply chain,
supporting over 160,000 jobs and creating export opportunities. It
is part of Advanced Propulsion Centre UK, which provides funding,
support and insight to help the nation's automotive industry
transition towards a Net Zero future.
The project proposal, under ATF's focus on Rare Earth element
processing for magnetic engine drivetrain components: supporting
the UK's transition to Electric Vehicles, is anchored by the
nationally significant, US$125 million investment in the project
proposed at Saltend within the Zero Carbon Humber cluster in
Humber, Yorkshire.
Pensana's investment will generate over 100 skilled jobs and
will be the world's first major rare earth separation facility to
be established in over a decade, supplying critical magnet metals
into advanced manufacturing industries including electric vehicles
and offshore wind turbines.
Recently granted Freeport status provides the Humber zone with
business tax and customs relief as well as other potential tax
incentives which further assist the Company to deliver sustainably
sourced, high value manufacturing products to European and
international supply chains.
Pensana's Chairman, Paul Atherley commented:
"We welcome first phase progression of our project proposal to
the Automotive Transformation Fund and plan to work with Government
on the establishment of one of the world's first mine to metal
supply chains which will be central to the transition to electric
vehicles in the UK and an important step on the journey to our Net
Zero future."
For further information:
Pensana Plc
Website: www.pensana.co.uk
Paul Atherley Chairman / Tim George, CEO contact@pensana.co.uk
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END
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