Pensana Plc UK Government Grant Offered for Saltend
2023年10月23日 - 3:00PM
RNSを含む英国規制内ニュース (英語)
TIDMPRE
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Pensana Plc
("Pensana" or the "Company")
UK Government Grant Offered for Saltend
Pensana is pleased to announce 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 ("Offer of Grant").
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.
Chairman Paul Atherley commented: "The successful development of the US$250
million Saltend project would be an important step in supporting the UK
automotive supply chain, which employs over 780,000 people, as it transitions to
electric vehicles (EVs).
By 2030 the UK is expected to have transitioned from being a major European
producer of internal combustion engines to be a world leader in the manufacture
of electricdrive units (EDUs), producing three million EDUs annually, with a
large proportion destined for export. Without a secure magnet metal supply chain
this is under threat."
Pensana is establishing an independent, sustainable rare earth supply chain with
mid-stream processing to produce magnet metal in the UK.
The Saltend project will deliver 450 jobs during construction and 150 high value
jobs in operation with a significant opportunity for further expansion.
The information contained within this announcement is considered by the Company
to constitute inside information as stipulated under the Market Abuse
Regulations (EU) No.596/2014. Upon the publication of this announcement via a
Regulatory Information Service, this inside information will be considered to be
in the public domain. The person responsible for arranging for the release of
this announcement on behalf of the Company is Paul Atherley, Chairman.
- ENDS -
For further information, please contact:
Shareholder/analyst enquiries:
Pensana Plc
Paul Atherley, ChairmanIR@pensana.co.uk
Tim George, Chief Executive Officer
Rob Kaplan, Chief Financial Officer
This information was brought to you by Cision http://news.cision.com
END
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October 23, 2023 02:00 ET (06:00 GMT)
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