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Manufacturing

Major shareholders invest a further 拢8m in Pensana as Humber plant build funding 'continues to progress'

Investors behind Saltend plan for magnet metal production indicate more may follow as cash injection welcomed

A visualisation of the Pensana rare earth pocessing facility that is being built at Saltend Chemicals Park.(Image: Pensana Plc)

Major shareholders behind rare earth specialist Pensana are investing a further £8 million in the company.

Long standing backers M&G Investment Management and the Angolan Sovereign Wealth Fund (FSDEA) will take their combined holdings in the company to 38.6 per cent with the latest equity injection.

Pensana is behind the delivery of a complex chemical engineering plant on the Humber Bank, which is set to form the start-point for a magnet metal supply chain serving electric vehicle and wind turbine manufacturers. It is also developing significant mining operations in Longonjo.

Read more: £100m fund raise launches for innovative Hull plastics recycling plant

The backing comes as it continues to progress long-term funding for the £150 million Saltend build, set to create 125 mostly high skilled jobs, and the African element.

Both investors have had requests granted for the right to participate in any future equity or other fundraising undertaken by Pensana on a pro rata basis for the next two years.

Paul Atherley, chairman of Pensana, where magnet metals will be sourced for offshore wind and electric vehicle markets - with strong interest from OEMs.

Chairman Paul Atherley said: “We are pleased to have the continued support of M&G and FSDEA, two of our major shareholders. This additional investment reflects their confidence in our strategy and growth prospects, and we are grateful for their ongoing commitment.

“The fact that M&G and FSDEA have also requested the right to participate in any future equity raises is a clear endorsement of our business, demonstrating long-term alignment with our goals.