Pensana plc (LON:PRE) has announced that, at an on-site event on Friday, the 17th of November, Pensana and The Yorkshire Energy Park 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.
