Pensana to partner with Polestar to create the first climate-neutral car

Pensana PLC on Tuesday said it has partnered with Polestar Automotive Holding UK PLC on its ‘moon-shot’ goal of creating the first climate-neutral car by 2030.

Pensana is a London-based rare earth metal miner. These metals are used in high-technology applications. Polestar is an electric car maker started as a joint venture of Sweden’s Volvo Cars and its major shareholder, China’s Geely. Back in June, Polestar was listed on Nasdaq in New York.

The aim of the ‘Polestar 0’ project is to eliminate all greenhouse gas emissions from the lifecycle of a car, both in production and in everyday use.

Polestar has teamed up with partners across the chain to deliver the project. These include Boliden AB, which will focus on copper and other metals, SSAB AB, which will focus on fossil-free steel, and Sekab AB, which produces biobased chemicals.

Pensana recently broke ground at a rare earth processing hub in Yorkshire. The hub will be powered by offshore wind and aims to be the ‘world’s first independent and sustainable rare earth supply chain.’ The metals will be supplied from Pensana’s hydro-electric powered mine in Angola.

Chair Paul Atherley commented: ‘We are absolutely delighted to collaborate with Polestar and its partners on the Polestar 0 project which is aiming to unlock the full potential of electric vehicles by creating the world’s first climate-neutral car…This is a truly innovative project which needs an independent and sustainable supply of rare earths. We are incredibly excited to be working with Polestar and its partners and are very much looking forward to Pensana playing its part in redefining the future of electric vehicle manufacture.’

Shares in Pensana were trading 0.1% higher at 49.91 pence each on Tuesday at midday.

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