Innovate UK has announced a £15m programme to boost recycling of rare earth elements in order to strengthen critical supplies.
Rare earth elements are required in products ranging from electric vehicles to washing machines and laptops, with global market demand expected to quadruple by 2040.
“The impact of Russia’s war in Ukraine on energy has been timely,” said business and trade minister Nusrat Ghani. “That’s why we are focused on securing robust supply chains for the growing green industries that will deliver jobs and prosperity across the UK.”
Rare earths exploration company Pensana launched a £145m magnet materials refinery in East Yorkshire in July, while Green Lithium announced in November that it would build the UK’s first large-scale lithium refinery in Teesside. Both investments are supported by the Government’s Automotive Transformation Fund.
Pensana plc (LON:PRE) explores and mines neodymium, praseodymium, and rare earth minerals. The Company’s flagship assets are the Saltend rare earth refinery project in the United Kingdom and Longonjo neodymium and praseodymium (NdPr) Project in Angola.