Quick Takeaways
- Ionic Rare Earths magnet recycling plant receives UK government backing to strengthen EV supply chains.
- The project advances recycled rare earth magnet production aligned with zero-emission vehicle goals.
On January 27, Ionic Rare Earths Limited (IonicRE), through its wholly owned subsidiary Ionic Technologies, received a GBP 12 million capital grant from the UK Government’s DRIVE35 program. The funding supports the development of the Ionic Rare Earths magnet recycling plant in Belfast, UK, designed for an annual processing capacity of 400 tonnes.
The DRIVE35 program focuses on accelerating the industrialisation of zero-emission vehicle technologies across the UK automotive ecosystem. It is funded by the Department for Business and Trade (DBT) and delivered in partnership with the Advanced Propulsion Centre UK (APC) and Innovate UK, targeting scalable manufacturing projects that strengthen domestic supply chains.
With the grant awarded, IonicRE will collaborate closely with DBT and APC to complete the required due diligence process to unlock the funding. This step is essential to ensure compliance with program requirements and to progress the project toward execution readiness.
In parallel, the company has initiated discussions with potential strategic investors to raise the remaining equity needed for the GBP 85 million project. These engagements are aimed at securing full financing ahead of a final investment decision, enabling the planned Belfast facility to move into its next development phase.
The Ionic Rare Earths magnet recycling plant is positioned to play a role in supporting sustainable rare earth supply for advanced automotive and clean mobility applications, aligning with broader UK objectives for zero-emission vehicle technology deployment and circular economy development.
The DRIVE35 program focuses on accelerating the industrialisation of zero-emission vehicle technologies across the UK automotive ecosystem. It is funded by the Department for Business and Trade (DBT) and delivered in partnership with the Advanced Propulsion Centre UK (APC) and Innovate UK, targeting scalable manufacturing projects that strengthen domestic supply chains.
With the grant awarded, IonicRE will collaborate closely with DBT and APC to complete the required due diligence process to unlock the funding. This step is essential to ensure compliance with program requirements and to progress the project toward execution readiness.
In parallel, the company has initiated discussions with potential strategic investors to raise the remaining equity needed for the GBP 85 million project. These engagements are aimed at securing full financing ahead of a final investment decision, enabling the planned Belfast facility to move into its next development phase.
The Ionic Rare Earths magnet recycling plant is positioned to play a role in supporting sustainable rare earth supply for advanced automotive and clean mobility applications, aligning with broader UK objectives for zero-emission vehicle technology deployment and circular economy development.
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