Iondrive raises A$6m to spearhead battery recycling innovation

Iondrive Limited, listed on the Australian Securities Exchange (ASX: ION), has successfully raised A$6 million through a strategic placement of 435,714,286 shares at $0.014 each. This pivotal funding will be allocated to pilot plant construction for the company’s revolutionary battery recycling technology, which utilises a patented Deep Eutectic Solvent (DES) process. This environmentally sustainable process is designed to recover key materials from end-of-life batteries, addressing a critical gap in the market.

A greener future for battery recycling

The DES process, exclusively licensed to Iondrive from the University of Adelaide, is a breakthrough in battery recycling technology. It provides an environmentally sustainable process that surpasses conventional methods by avoiding high temperatures and corrosive acids. Using a biodegradable solvent, the technology achieves a remarkable 95% recovery rate for critical mineral recovery, including lithium, nickel, cobalt, and manganese.

The rising global demand for recycled battery materials is driven by increased electrification and stricter environmental regulations. By 2040, the annual need for processing end-of-life batteries is expected to reach 11 million tonnes, making innovative solutions like Iondrive’s DES process indispensable.

Key investors and project scope

The A$6 million capital raise saw robust participation from institutional investors, including Terra Capital, alongside cornerstone stakeholders Strata Investment Holdings Plc and Ilwella Pty Ltd. Iondrive’s leadership team, including new director Hugo Schumann, also contributed significantly to the placement. This funding will support pilot plant construction, enabling Iondrive to advance its battery recycling technology to commercial readiness.

The funds will also help the company strengthen its global partnerships and progress collaborations in the EU and US markets. Additionally, Iondrive is considering exercising its option to fully acquire the DES process rights from the University of Adelaide, reinforcing its leadership in critical mineral recovery from end-of-life batteries.

Prefeasibility study insights

A comprehensive prefeasibility study affirmed the scalability and economic viability of Iondrive’s DES-based battery recycling technology. The findings indicated that the process offers a competitive edge in cost and efficiency while adhering to stringent environmental standards. The planned pilot plant is expected to be operational by 2025, marking a key milestone in the path to large-scale adoption of this environmentally sustainable process.

Iondrive CEO Dr. Ebbe Dommisse highlighted the significance of this funding round, calling it a transformative step towards commercialising their innovative battery recycling technology. He noted that strong investor support reflects confidence in the DES method and its potential to redefine critical mineral recovery.

With the global market for recycled battery materials expanding rapidly, Iondrive is well-positioned to lead the charge with its cutting-edge DES-based battery recycling technology. Through strategic partnerships, innovative methods, and a focus on sustainability, the company is set to address the growing need for efficient critical mineral recovery from end-of-life batteries, paving the way for a greener future.