Pensana has signed a cooperation agreement with leading energy provider, Equinor, forming a working group to share technical and commercial information to develop a low energy method for recycling of end-of-life magnets at Pensana’s rare earth hub in Saltend Chemical Park.
The partnership with Equinor supports Pensana’s commitment to the circular economy as it looks to recycle an addressable annual market of 4,000 tonnes of end-of-life permanent magnets.
Recycling permanent magnets utilising hydrogen not as fuel, but as a reductant, whilst benefitting from the decarbonised power supply within Saltend, offers a clean alternative using 88% less energy than virgin magnet manufacture and aligns with Pensana’s continued efforts to produce a sustainable supply chain for these critical materials.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The company is looking to establish the world’s first fully sustainable magnet metal rare earth oxide producer at the Saltend Chemicals Park in the Humber Local Enterprise Partnership Yorkshire, UK.