Capital Raised to Fund Pilot Plant and Expansion
Iondrive Ltd., a lithium-ion battery recycling startup from Australia, has raised up to $6.1 million in new funding.
The company issued 435,714,286 fully paid ordinary shares at 14 cents per share.
Institutional investors like Terra Capital led the round alongside other key backers.
Core shareholders, including Strata Investment Holdings Plc and Ilwella Pty. Ltd., also participated.
New investors included incoming Director Hugo Schumann and Commercial Director Lewis Utting.
Additionally, management and nonexecutive directors contributed $380,000, pending shareholder approval in February 2025.
The funds will support construction of a pilot recycling plant.
This facility will showcase Iondrive’s deep eutectic solvent (DES)-based recycling technology.
Unlike traditional methods, DES processes battery waste without high heat or harsh chemicals.
It cleanly separates valuable metals such as lithium, nickel, cobalt, and manganese.
The goal is to reduce recycling costs while improving sustainability and recovery rates.
Greener and More Efficient Recycling Technology
Iondrive’s DES method avoids high temperatures and corrosive acids used in conventional processes.
Instead, it uses a low-temperature solvent that is safer and more eco-friendly.
The process delivers high metal recovery with minimal environmental impact.
In November 2024, a prefeasibility study confirmed the process is scalable and cost-effective.
As battery demand grows, this technology supports the shift to a circular economy.
Commercial Expansion and Global Goals
With strong investor support, Iondrive plans to expand globally.
The capital will help build the pilot plant and fund commercialization efforts.
The company aims to establish partnerships in key markets like the EU and U.S.
Part of the funding will support working capital and research collaboration.
This includes potential acquisition of technology from the University of Adelaide.
These steps reflect Iondrive’s mission to lead sustainable battery recycling worldwide.
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