Pensana PLC on Monday said it signed a letter of intent for the site of a future permanent magnet metal facility within Yorkshire Energy Park.
The London-based rare earths explorer expects the UK to become a ‘world leader’ in the manufacture of electric drive units by 2030, requiring a secure magnet metal supply chain for the transition.
The letter of intent covers the proposed site and the supply of zero carbon electricity and facilities for the processing of rare earths in magnet metals, research & development, and supply chain activities.
Chair Paul Atherley said: ‘The partnership between Yorkshire Energy Park and Pensana is part of a broader study being undertaken to demonstrate how the UK can draw on its chemical engineering heritage and by connecting to offshore wind to create resilient supply chains to support the UK’s automotive sector in its transition from a major producer of internal combustion engines to be a world leader in the manufacture of electric drive units.’
Pensana shares were 0.2% higher at 28.60 pence each on Monday afternoon in London.
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