Saltend receives first phase backing from the £1 billion Automotive Transformation Fund

Pensana’s proposed world class rare earth separation facility to be located at Saltend Chemicals Park has received first phase progression from the UK Government’s £1 billion Automotive Transformation Fund (“ATF”) which seeks to support the national transition to Electric Vehicles.

The UK electrified supply chain opportunity is estimated at £24 billion over the next five years.

The ATF is a long-term programme designed to enable the UK to build the world’s most comprehensive and compelling electrified vehicle supply chain. It is part of Advanced Propulsion Centre UK, which provides funding, support and insight to help the nation’s automotive industry transition towards a Net Zero future.

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.

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