Adelaide-based battery technology group Iondrive (ASX: ION) has raised $4 million to pursue the commercialisation of its e-waste recycling technology in the US.
The funding follows an agreement secuired by Iondrive in September with US e-waste processor Colt Recycling to supply materials for evaluation using Iondrive’s deep eutectic solvent technology.
Iondrive has raised the capital via a share placement comprising 90.9 million shares at 4.4c each – the most recent price at which the shares traded prior to a trading halt last Friday.
The company says it has received “firm commitments” from sophisticated and professional investors for the capital raise, including Strata Investment Holdings Plc, Ilwella Pty Ltd, Terra Capital and Regal Funds Management.
The company’s board and management are also backing the placement to the tune of $180,000.
“Cornerstone investors, together with board and management, participation highlights confidence in Iondrive’s technology and near-term commercialisation pathway,” says Iondrive’s CEO Dr Ebbe Dommisse.
“We are thrilled to complete our capital raise, a key step in commercialising our e-waste recycling technology in the US.”
Iondrive holds three exclusive worldwide licences for technologies comprising an enhanced performance non-flammable lithium-ion based battery, a low-cost, environmentally sustainable method for recycling lithium batteries and a low-cost, high cycle life water-based battery.
The company’s US e-waste recycling ambitions are centred on evaluating its IONSolv technology for the processing of end-of-life permanent magnets for the recovery of rare-earth oxides (REOs).
Iondrive says the processing of end-of-life permanent magnets offers a pathway to reduce North America’s dependence on imported separated REOs and China-controlled supply chains.
The company is preparing applications for related US Government grant programs to support its ambitions.
“This initiative underscores IONSolv as a technology platform in the urban mining of critical minerals, complementing Iondrive’s advances in end-of-life battery recycling and solar panel recycling,” says the company.
“The IONSolv approach is cleaner, greener and more cost-effective, with a significantly smaller environmental footprint, avoiding high temperatures and corrosive acids.”
Under the agreement secured with Colt Recycling, Iondrive will receive mixed e-waste feedstock from the US company’s e-waste operations.
The agreement provides a framework to advance from evaluations to the negotiation of a definitive agreement covering commercial-scale supply and potential co-location of recycling plants at Colt’s facilities.
Techno-economic evaluation work is also being undertaken to independently validate the reuse efficiency and caustic recovery rates of the company’s technology.
The laboratory program is expected to be completed in the second quarter of 2026.
Shares in Iondrive were trading 6.8 per cent higher at 4.7c at 12.39pm (AEDT) after the trading halt was lifted today.
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