London-listed Pensana has signed a letter of intent with Yorkshire Energy Park (Yep) which ensures access to between 4 MW and 10 MW of low-carbon electricity.
Pensana will use the low-cost and resilient supply of low-carbon electricity to power the Saltend rare earth separation facility and then later to power the conversion of neodymium and praseodymium (NdPr) oxide into magnet metal, making it the first in the world to use offshore wind to produce ultra-low carbon magnet metal.
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.
