Ionic Technologies Secures UK Funding for Recycled Rare Earth Magnets Partnership
IONIC RARE EARTHS LIMITED (IXR) Share Update September 2024 Monday 30th
Ionic Technologies Secures Major UK Funding for Rare Earth Recycling
Ionic Technologies, a subsidiary of Ionic Rare Earths Limited (ASX: IXR), has secured significant new grant funding from the UK Government to support the development of recycled rare earth element (REE) supply chains in the UK and Europe.
Instant Summary:
- Ionic Technologies awarded £1.265m in UK grants under Innovate UK's 'CLIMATES' program.
- Partnership with Less Common Metals (LCM) and Vacuumschmelze (VAC) for the 'REEValuate' Project.
- Funding includes £470k directly to Ionic Technologies.
- Initial processing of up to 9 tonnes of magnet scrap.
- Development of advanced demagnetisation solutions under the 'MAGNOSTIC' Project.
Funding Details
Ionic Technologies has been awarded two grants under Innovate UK's 'CLIMATES' program, totaling £1.265m (approximately A$2.46m). These grants aim to foster partnerships and develop a sustainable supply chain for rare earth elements (REEs) in the UK and Europe.
REEValuate Project
The first grant, valued at £843k, supports the 'REEValuate' Project. This initiative involves a partnership with Less Common Metals (LCM) and Vacuumschmelze (VAC) to produce permanent magnets containing 100% recycled heavy and light rare earth elements. VAC will provide pre-consumer NdFeB magnet scrap to Ionic Technologies, which will then produce high-purity magnet rare earth oxides (REOs) at its Belfast Demonstration Plant. LCM will convert these oxides into rare earth metals and alloys, supplying them back to VAC for magnet production. The initial volume of magnet scrap to be processed is up to nine tonnes.
MAGNOSTIC Project
The second grant, valued at £422k, supports the 'MAGNOSTIC' Project. This project aims to develop advanced demagnetisation solutions for end-of-life permanent magnets. Ionic Technologies will collaborate with the Materials Processing Institute (MPI) and Swansea University, leveraging their expertise in metal processing and handling. The project is expected to enhance the efficiency of demagnetising magnets before processing them through Ionic Technologies' patented recycling process.
Strategic Importance
These projects highlight the strategic importance of recycling in establishing sustainable and traceable supply chains for rare earth elements. The UK Government's support underscores the significance of these initiatives in meeting the demands of the energy transition, advanced manufacturing, and defence sectors.
The funding secured by Ionic Technologies is expected to have a positive impact on the company's stock and the broader market. The development of sustainable and traceable supply chains for rare earth elements will likely enhance investor confidence and attract interest from stakeholders in the energy, manufacturing, and defence sectors.
Investor Reaction:
Analysts are likely to react positively to the news, given the strategic importance of rare earth elements in various industries. The funding and partnerships with LCM and VAC are expected to strengthen Ionic Technologies' position in the market and support its growth trajectory.
Conclusion:
Investors should keep an eye on Ionic Technologies' progress with the REEValuate and MAGNOSTIC projects. The successful implementation of these initiatives will be crucial in establishing sustainable supply chains for rare earth elements and enhancing the company's market position. Subscribe to our newsletter for regular updates on Ionic Technologies and other stock market news.