Pensana partners with Polestar creating the first truly climate-neutral car by 2030

Pensana plc (LON:PRE) has announced it is partnering with Polestar (Nasdaq: PSNY) on its moon-shot goal of creating the first truly climate-neutral car by 2030.

The scope of the Polestar 0 project is to identify and eliminate all greenhouse gas emissions from the extraction of raw materials to when the car is delivered to the customer and onwards to the end of vehicle life.

To achieve this goal Polestar has teamed up with like-minded partners across the entire value chain, from raw material suppliers to retailers. Pensana is delighted to have been invited to join the collaboration.

Through this collaboration with Polestar and its partners, which include Boliden – Copper and other metals, Hydro – zero-carbon aluminium, SSAB – fossil-free steel, Sekab – biobased chemicals, ZF – electric powertrains and others, each partner will focus on certain processes bringing together world-class research and innovative thinking to the Polestar 0 project’s hugely important import goal.

Pensana recently broke ground on the establishment of an independent and sustainable supply chain for ultra-low carbon magnet metal rare earths powered by offshore wind at the Saltend Chemical Park in the Humber Freeport UK with high-value raw materials supplied from the hydro-electric powered state-of-the-art mine at Longonjo in Angola.

Chairman Paul Atherley commented:

“We are absolutely delighted to collaborate with Polestar and its partners on the Polestar 0 project which is aiming to unlock the full potential of electric vehicles by creating the world’s first climate-neutral car.

Polestar is majority owned by Volvo which has a proud history of pioneering safety in cars in the 1970s setting the standard for all cars manufactured worldwide. We believe that the Polestar 0 will set the standard for the electric vehicle industry.

This is a truly innovative project which needs an independent and sustainable supply of rare earths. We are incredibly excited to be working with Polestar and its partners and are very much looking forward to Pensana playing its part in redefining the future of electric vehicle manufacture.”

Hans Pehrson, leader of the Polestar 0 project, commented:

“A project of this ambition requires partners at the cutting-edge of their industries and which are fully engaged in our bold vision.

That’s why I’m looking forward to Pensana becoming a crucial part of our team as we find solutions for developing an entirely climate-neutral supply chain. Pensana’s expertise in Rare Earth supply, including mining, will be invaluable in our mission and will play an integral role in pioneering new and innovative technologies to achieve what has so far been impossible.”

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