Emerging magnet metal material provider Pensana has been certified as a clean investment option in the week in which ground will be broken at Saltend.
The London-listed company, which will supply into electric vehicle and offshore wind markets from a £150 million complex chemical engineering plant on the Humber Bank, has been recognised by Cicero, the world’s largest external review provider.
It is seen as key to opening up further channels when it comes to the investment markets, with the huge set-up of plant and supply chain highly capital intensive.
Read more: Hitachi Energy and Aibel enlisted for Orsted's Hornsea Three offshore wind farm transmission system
Cicero is Norway’s foremost institute for interdisciplinary climate research, having been internationally recognised as a leading provider of independent reviews of green bonds.
Assessing the framework, it has rated Pensana as in line with its principles, based on the company’s plans to create a sustainable supply chain.
Pensana chairman Paul Atherley said: “From the outset, the Pensana team has set out to develop an independent and sustainable magnet metal supply chain, and it is extremely gratifying to receive a positive rating from an internationally recognised assessment agency of Cicero’s standing.
“The Cicero certification supports our ambition to establish in the UK world-class production of the critical magnet metals vital to the electric vehicle and offshore wind industries.
“Our aim is to produce ultra-low carbon magnet metal powered by private wire link to offshore wind at Saltend, supplied with high-value feedstock from Longonjo powered by hydroelectricity.
“The Cicero assessment will be important for the proposed green bond issuance as it will broaden the range of institutional investors interested in the offering.”
Cicero has rated Pensana’s operations as light green with a governance score of good.
The rating refers to transition activities and projects that reduce emissions or provide other environmental benefits.
A ceremony to mark construction starting will take place on Thursday, with more than 300 people invited, including representatives from Government, local councillors, local industry and many of the organisations that have assisted Pensana in reaching what it described as an important milestone.
More than 450 people will be employed during the 12 month construction phase, with 125 “high value” permanent roles to follow, with production scheduled to start in 2024.
The Saltend site will produce 12,500 tonnes of separated rare earths including 4,500 tonnes of the critically important magnet metal rare earths representing more than five per cent of world supply, fed by Pensana’s Angola activity and third parties.
Mr Atherley said it was receiving strong interest from automotive and wind turbine equipment manufacturers, who are looking to secure transparent, sustainable and independent supply at a time of burgeoning demand for magnet metal rare earths.
Read more:
VPI gets behind new Irish power plant after rapid expansion in UK from Humber start-up
Hydrogen world leader Air Products teams up with VPI for Immingham production plan
Smith & Nephew to invest £80m in new East Yorkshire site - moving out of Hull after century stay
Six more businesses on board to back Hull's expanding employer-led school
All your Humber business news in one place - bookmark us now!
