Ionic Rare Earths managing director Tim Harrison talked with Proactive about wholly owned subsidiary Ionic Technologies securing £11 million (A$22.6 million) in funding from the UK Government to establish a rare earth permanent magnet (REPM) supply chain, marking a significant step in advancing the country's domestic capabilities in electric vehicle (EV) technology.
The investment will support the development of the “CirculaREEconomy” initiative — a first-of-its-kind project focused on strengthening the UK’s supply chain for high-purity separated rare earth oxides (REOs). These materials are critical for manufacturing the permanent magnets that power electric drivetrains.
Ionic Technologies will lead the program, partnering with a consortium of industry leaders, including Ford Technologies, Bentley Motors, Wrightbus, Less Common Metals, European Metal Recycling, and the British Geological Survey. The collaboration aims to create a circular and sustainable model for rare earth element (REE) recovery and reuse.
Harrison explained that the grant supports a consortium of upstream and downstream partners. This includes a metals recycler for magnet recovery, German permanent magnet manufacturers, and end users like electric vehicle and bus producers Wrightbus and Ballymena-based companies. The British Geological Survey is also involved, helping to strengthen the foundations of a sovereign UK supply chain.
“This consortium will be funded for three years… and effectively it underwrites the business and the efforts underway,” Harrison said, highlighting the strategic importance of aligning production costs with carbon footprint transparency for UK stakeholders.
Looking ahead, Ionic Rare Earths is continuing discussions with the UK government on a cornerstone investment for its planned Belfast commercial plant. Harrison also noted active initiatives in Europe, North America, and Brazil, pointing to a busy period of development for the company.
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