Foreign investor Pensana Plc was given an early green light on the trip to access a government pot to clean up road transport.
Rare earth specialist launches magnetic metal supply chain at Saltend on the Humber Estuary, a key material in the manufacture of electric vehicles and offshore wind turbines.
Pensana, listed on the London Stock Exchange, today announced that it has received the first phase of progression from the government’s £ 1bn Automotive Transformation Fund, which aims to support the nation’s transition to fossil fuels.
As indicated, the company wishes to bring a £ 100million complex chemical engineering plant at the site, east of Hull, creating 100 jobs by connecting the Angolan mining sector to the UK’s deployment leader. It would be the first separation facility in over a decade.
Pensana Chairman Paul Atherley said: “We welcome the progress of the first phase of our Auto Transformation Fund project proposal and plan to work with the government on the creation of one of the the world’s first mining metals supply chains, which will be at the heart of the transition to electricity. vehicles in the UK and a milestone on the road to our Net Zero future. “
He said the UK’s electrified supply chain opportunity is estimated at £ 24bn over the next five years.
ATF is a long-term program designed to enable the UK to build the world’s most comprehensive and compelling electrified vehicle supply chain, supporting over 160,000 jobs and creating export opportunities.
It is part of the Advanced Propulsion Center UK, which provides funds, support and information to help the country’s automotive industry transition to a Net Zero future.
Mr. Atherley and his team also recently welcomed the granting of freeport status, providing the Humber Zone with tax and customs relief as well as other potential tax incentives that “further help the company deliver high-value, sustainable manufacturing products to European and international supply chains.”
East Riding Council has received Pensana’s planning application for the site operated by PX Group, with the hope of building it later this year.