Pensana plc (LON:PRE) has announced that the Secretary of State for Business and Trade has offered Pensana a Grant of up to £4,000,000 towards the funding required to build a rare earth oxide separation facility in the ‘Humber Freeport’ at Saltend.
The Offer of Grant, made under Section 7 of the Industrial Development Act 1982, follows an application submitted by Pensana to the Automotive Transformation Fund, is subject to terms set out in a grant funding agreement and conditional upon Pensana providing 1) clearance from the relevant authority monitoring state subsidies and 2) a funding, activities and deliverables plan which are expected to be provided in the coming weeks.
