PRE Pensana Plc

 
TIDMPRE 
 
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 electricdrive 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 theopportunity 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 
 
 
This information was brought to you by Cision http://news.cision.com 
 
 
END 
 
 

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November 20, 2023 04:00 ET (09:00 GMT)

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