Iondrive Ltd (ASX:ION) CEO Ebbe Dommisse sits down with Jonathan Jackson in the Proactive studio to discuss the completion of a $2 million placement, issuing 222,222,222 new shares at $0.009 each. Major shareholders Strata Investment Holdings PLC (ASX:SRT) and Ilwella Pty Ltd participated, highlighting support for Iondrive's recycling technology. Board and management also contributed $260,000.
The funds will complete the Battery Recycling Pre-Feasibility Study (PFS), essential for the Pilot Plant's progression, expected by September. Iondrive's technology uniquely extracts critical minerals from end-of-life lithium-ion batteries sustainably. Dommisse expressed gratitude for the strong shareholder support and highlighted the importance of battery recycling technologies recognised by governments in Australia, the UK, the EU and the USA.
The raised funds will also support industry collaborations, early planning for the Pilot Plant and general working capital. Iondrive is advancing towards the completion of its PFS with a focus on technological, commercial and executional de-risking strategies. This comprehensive approach aims to establish a robust foundation for the anticipated Pilot Plant construction, scheduled for the financial year 2025.
'The development of a continuous, fully integrated closed-loop pilot plant process marks a significant next step following the large-scale bench trials. Scaling the technology to reflect a commercial process operating in continuous mode is critical to the project's success. In addition to these activities, the completed Rho Motion market research study and a planned benchmarking study are set to compare the competitiveness of Iondrive's technology with incumbent processes. This techno-economic evaluation is integral to the PFS, aiming to mitigate technical, commercial, and execution risks associated with the project.