Pensana Plc Pensana and partners win Innovate UK grant to develop a low carbon RE supply chain

 
TIDMPRE 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 
 
Pensana Plc 
 
("Pensana" or the "Company") 
 
Pensana and partners win Innovate UK grant to develop a low carbon RE supply 
chain 
 
Pensana, working in partnership with Polestar, Route2 and the Universities of 
Leeds and Hull, has been awarded £316,643 in grant funding by Innovate UK under 
its CLIMATES programme. The partnership will work together to develop a low 
carbon sustainable supply chain for rare earth magnets. 
 
The Project is backed by the UK Government and will use Pensana and Polestar's 
low carbon and ESG engineering to review and measure impacts, and identify 
opportunities, to further reduce carbon in the rare earth products vital for the 
energy transition. 
 
Nusrat Ghani, Minister of State at the Department for Business and Trade, has 
highlighted the importance of rare earths in the CLIMATES programme saying "Rare 
earth elements underpin so much of what makes everyday life and work possible, 
from the cars we drive to the phones we use. It is essential that, in a rapidly 
changing world, we do all we can to ensure resilient supplies of these and other 
critical minerals.We are laser-focused on securing robust supply chains, for the 
growing, green industries that will deliver jobs and prosperity across the UK in 
the decades to come." 
 
Danny McNeice, Pensana's Sustainability Manager commented "We believe Polestar 0 
will set the standard for the electric vehicle industry, while Route2 has 
developed market-leading socio-economic impact measurement software and we are 
delighted to work with them and our academic partners at Leeds and Hull 
Universities to establish a UK-centric sustainable rare-earth supply chain from 
"mine to magnets". 
 
The CLIMATES programme is a £15 million fund set up to develop critical mineral 
supply chains within the UK. Strand 1 was launched in February 2023 with a focus 
on stimulating research on rare earths across the UK. 
 
Pensana has already developed a strong approach to sustainability through the 
publishing of its Blueprint for Sustainable Rare Earths and has, through market 
-leading low-carbon design and renewable power agreements at both its UK and 
Angolan projects, placed itself well on the way to achieving its strategic goal 
to be a leading low embedded carbon supplier of rare earth products on the 
market. 
 
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

(END) Dow Jones Newswires

September 20, 2023 02:00 ET (06:00 GMT)

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