# Pensana signs Letter of Intent with Yorkshire Energy Park for magnet metal site

- Link: https://www.directorstalkinterviews.com/pensana-signs-letter-of-intent-with-yorkshire-energy-park-for-magnet-metal-site/4121133378
- Published: 2023-11-20T09:31:14+00:00
- Author: Amilia Stone

**Pensana plc **([LON:PRE](https://www.directorstalkinterviews.com/company/pensana-rare-earths-plc/pre.l))
has announced that, at an on-site event on Friday, the 17^(th) of November, Pensana
and The Yorkshire Energy Park signed a letter of intent for the site of a future
permanent magnet metal facility within the park. The YEP is located adjacent to 
the Saltend End Chemicals Park in the Humber Freeport UK.

By 2030 the UK is expected to have transitioned from being a major European producer
of internal combustion engines to being a world leader in the manufacture of electric
drive units. Without a secure magnet metal supply chain, this transition is under
threat.

As part of its plans to establish an independent supply chain for magnet metals,
Pensana is currently undertaking studies into the conversion of rare earth oxides
into magnet metals using electric furnaces powered by offshore wind.

The letter of intent with YEP covers the proposed site as well as the supply of 
zero carbon electricity and a range of bespoke facilities for the processing of 
rare earths in magnet metals, R&D and supply chain activities.

The event was also attended by the Vice Chancellor of Lincoln University, which 
is working with Pensana and YEP to create a regional specialised centre of engineering
excellence, training and higher education on YEP for the Humber region.

> **Paul Atherley, Pensana Chairman, commented:  **
> “The partnership between YEP 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.”

> **Chris Turner, YEP Chairman, commented: **
> “We welcome theopportunity to deepen our collaboration with Pensana and the University
> of Lincoln on this nationally significant project. It represents another milestone
> for YEP and the Humber Freeport in delivering a zero carbon/advanced technology
> industrial cluster on the Humber.”

> **Professor Neal Juster, Vice Chancellor of University of Lincoln commented:**
> “This collaboration not only propels opportunities for the growth of research,
> development, and supply chain activities, but also sets a new standard for sustainable
> energy practices. Together with our esteemed partners, we are pleased to play 
> a part in shaping a future in which the Yorkshire Energy Park stands as a beacon
> of excellence in engineering, training, and higher education for the entire Humber
> region, bringing economic benefit as well as supporting our Net-Zero goals.”

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