Capital Raise to Fund Pilot Plant and Commercialization Efforts
Iondrive Ltd., an Australian innovator in lithium-ion battery recycling, has successfully raised up to $6.1 million in funding. The company issued 435,714,286 fully paid ordinary shares at 14 cents each, with institutional investors such as Terra Capital and other major investors leading the placement. Notable participants included Iondrive’s cornerstone shareholders, Strata Investment Holdings Plc and Ilwella Pty. Ltd., as well as new investors like incoming Director Hugo Schumann and Commercial Director Lewis Utting. Additionally, management and nonexecutive directors participated in the placement, raising a total of $380,000, subject to shareholder approval at the company’s upcoming general meeting in February 2025.
The funds raised will primarily support the construction of a pilot plant for Iondrive’s lithium-ion battery recycling technology. The company intends to address the environmental inefficiencies and high costs associated with traditional recycling methods by utilizing its novel deep eutectic solvent (DES)-based process. This process separates valuable metals, including lithium, nickel, cobalt, and manganese, from battery black mass in a cleaner, more sustainable, and cost-effective way.
Technological Innovation for Cleaner and Greener Recycling
Iondrive’s DES-based recycling process is designed to be more environmentally friendly than conventional methods, which typically use high temperatures and corrosive acids. By employing a safer, low-temperature technique, Iondrive aims to minimize the environmental footprint of lithium-ion battery recycling while ensuring high metal recoveries. The company completed a prefeasibility study in early November 2024, which confirmed the scalability of the process and its competitiveness in terms of cost efficiency for a commercial-scale plant. Iondrive’s technology promises to reduce the environmental impact associated with the growing demand for battery materials, making it an essential player in the global shift toward sustainable and circular economies.
Expansion and Commercialization Goals
With a high level of confidence in its technology, Iondrive is now focusing on expanding its operations. The raised capital will support not only the construction and operation of the pilot plant but also broader commercialization efforts. The company plans to build industry collaborations in key markets, particularly in the European Union and the United States. These efforts align with Iondrive’s long-term goal to lead the global lithium-ion battery recycling industry. Additionally, part of the funds will be allocated for general working capital and the potential acquisition of proprietary technology from the University of Adelaide, which could accelerate the company’s technological and operational advancements.
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