Iondrive

What Iondrive does

Iondrive Limited (ASX: ION) is an Adelaide-based critical mineral recovery company that operates the IONSolv™ platform, a proprietary Deep Eutectic Solvent (DES) extraction technology co-developed with the University of Adelaide. IONSolv™ selectively recovers rare earth elements (NdPr, dysprosium), lithium, cobalt, nickel, manganese, copper, gold, and silver from complex waste streams including electronic waste, lithium-ion battery black mass, end-of-life solar modules, and mining intermediates such as mixed hydroxide precipitate. The platform is designed as a modular, closed-loop, low-temperature system that avoids the harsh acids, cyanide, and high-heat smelting associated with conventional hydrometallurgical and pyrometallurgical processes, with bench-scale recovery rates of 93.5–100% across tested metals.

The company's go-to-market is B2B enterprise licensing and modular equipment deployment targeting industrial recyclers, battery recyclers, mining companies, and e-waste processors in Australia, the United States, and Europe. Named commercial partners and feedstock counterparties include Colt Recycling LLC (US e-waste feedstock), PEM/Pure Battery Technologies (European commercialisation), Livium Ltd (Australian battery recycling), Latitude 66 (cobalt extraction), and Wood Group (black-mass plant engineering). Revenue is expected to derive from technology licensing royalties and equipment/processing services, though no commercial revenue is currently disclosed and the company remains in pilot-stage development, supported by Australian government grants, R&D tax incentives, and equity placements.

Iondrive's history reflects a deliberate strategic pivot. The listed entity originated as Southern Gold Limited, a South Korea-focused gold explorer, which acquired Iondrive Technologies in May 2023 and rebranded to Iondrive Limited in November 2023. The company retains a wholly owned subsidiary, Korea Metal Resources, in Seoul, and is led by CEO Lewis Utting (former SciDev Ltd leader) with a board that includes heavy extractive-metallurgy and commodities expertise. Iondrive has secured cumulative funding of approximately A$25.8M since 2023 across joint venture interests, equity placements, and government grants.

Name

Iondrive

Legal name

Iondrive Limited

Website

https://iondrive.com.au

Company type

Public

Founded year

2023

Operating status

Operating

Headcount range

11–50 employees

Short description

Iondrive Limited (ASX: ION) is an Adelaide-based critical mineral recovery company that licenses its proprietary IONSolv™ Deep Eutectic Solvent platform to industrial recyclers, battery recyclers, mining companies, and e-waste processors in Australia, the US, and Europe for recovering rare earths, battery metals, and precious metals from complex waste streams.

Ownership category

akta.pro rank

Product category

Critical Mineral Recovery

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Materials Recovery Facilities (562920), Materials Recovery Facilities (56292)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330), Metal Mining (1000)

akta.pro industry

PRIMARYEUAFACAD

Hydrometallurgical Recycling & Refining (Leaching, Solvent Extraction, Precipitation)

Energy, Utilities & Environment/Energy Storage & Grid Flexibility (Batteries, Hydrogen Storage, Demand Response)/Battery Recycling, Second-Life & Lifecycle Services

SECONDARYEUAIAIAF

Lithium-ion Battery Recycling (Mechanical, Hydro, Direct Recycling)

Energy, Utilities & Environment/Environmental Services (Waste Management, Recycling & Remediation)/E-waste & Battery Recycling

SECONDARYEUAIAIAJ

Battery Materials Refining & Re-Manufacturing Feedstocks (Li, Ni, Co, Mn, Graphite Salts)

Energy, Utilities & Environment/Environmental Services (Waste Management, Recycling & Remediation)/E-waste & Battery Recycling

SECONDARYEUAMALAE

Battery Recycling & Materials Recovery (Li-ion, LFP, Flow, Lead-Acid)

Energy, Utilities & Environment/Renewable Energy (Solar, Wind, Hydro & Geothermal)/End-of-Life, Recycling & Decommissioning (Panels, Blades, Batteries)

SECONDARYBPALAIAF

Battery Recycling & Management (Lithium-ion, Lead-acid)

Business & Public Services/Waste Management & Remediation Services/Electronic Waste (E-waste) Recycling & IT Asset Disposition (ITAD)

SECONDARYIMAKAMAH

Battery Scrap & Recycling Feedstock (Lead-Acid, Li-ion Black Mass Feedstock, NiMH)

Industrials, Manufacturing & Construction/Metals & Mining/Scrap Metal & Recycling (Ferrous & Non-Ferrous)

Keywords

• Critical mineral recovery
• Battery recycling technology
• E-waste metal extraction
• Solvent extraction platform
• Urban mining solutions

Headquarters

HQ city

Adelaide

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Technology Licensing: Licensing of proprietary IONSolv™ technology to industrial partners for critical mineral recovery operations.
2. Equipment & Processing Services: Modular deployment of IONSolv™ systems for client operations, potentially including pilot plant development and commercial-scale deployment services.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Iondrive develops and licenses the proprietary IONSolv™ platform, a Deep Eutectic Solvent (DES) based modular extraction system that selectively recovers high-value critical minerals—including rare earth elements (NdPr, Dy), lithium, cobalt, nickel, manganese, copper, gold and silver—from complex waste streams such as electronic waste, lithium-ion battery black mass, end-of-life solar modules and mining intermediates. The closed-loop, low-temperature process achieves up to ~98% recovery in bench-scale work and is designed for modular deployment from pilot to commercial scale for industrial partners in Australia, the US and Europe.

Product overview

Iondrive offers IONSolv™, a single modular platform for critical mineral recovery from urban waste streams. The platform uses Deep Eutectic Solvent (DES) chemistry to selectively extract and recover high-value metals including rare earth elements (NdPr), lithium, cobalt, nickel, manganese, copper, gold and silver. IONSolv™ supports four distinct application streams—E-waste & Magnet Recovery, Battery Recycling, Solar Module Recovery, and Mining Intermediates & Tailings—enabling operators to process multiple feedstocks through the same closed-loop, low-emissions extraction system.

Differentiator

Problem solved

Functional benefit

Brands

• IONSolv™: Proprietary solvent-based extraction platform engineered to recover high-value critical minerals from complex waste streams using Deep Eutectic Solvents (DES). The technology selectively extracts target metals including NdPr, lithium, cobalt, nickel, manganese, copper, gold and silver with recoveries up to ~98% in bench-scale work.

Products and services

• IONSolv™ IONSolv™ is a proprietary solvent-based extraction platform using Deep Eutectic Solvents (DES) to selectively recover high-value critical minerals from complex waste streams. The modular, closed-loop, low-emissions platform supports multiple application streams: E-waste & Magnet Recovery (NdPr, Dy, Au, Cu, Ag from electronics and end-of-life magnets), Battery Recycling (Li, Ni, Co, Mn from black mass with pathway to battery-grade intermediates), Solar Module Recovery (Ag, Si from end-of-life solar panels), and Mining Intermediates & Tailings (upgrading MHP, complex ores and legacy waste into strategic oxides). Bench-scale recoveries reach up to ~98%.

Quantifiable outcome

• 93.5% dysprosium recovery from US e-waste
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• European Battery Recycling ConsortiumcoreStrategic or Co-development Partner · 25 October 2025Iondrive joined European Battery Recycling Consortium backed by German government grant to advance battery recycling technology deployment in Europe.
• Latitude 66minorStrategic or Co-development Partner · 22 October 2025Partnership with Latitude 66 to test cobalt extraction technology using Iondrive's IONSolv process.
• Livium Ltd (ASX: LIT)coreStrategic or Co-development Partner · 18 September 2025Partnership with Livium Ltd to advance Deep Eutectic Solvent (DES) technology for clean waste recycling. Livium is Australia's market-leading lithium-ion battery recycler expanding into black mass processing, solar panel recycling, and rare earth element recovery. Partnership targets markets projected to reach US$52 billion (battery recycling), US$3 billion (solar), and US$7 billion (rare earths) by mid-2030s.
• Colt Recycling LLCminorStrategic or Co-development Partner · 1 June 2025Partnership with US-based Colt Recycling LLC for commercial e-waste feedstock supply to validate and test Iondrive's rare earth recovery process.
• PEM (Pure Battery Technologies)coreStrategic or Co-development Partner · 12 August 2024Partnership with PEM to commercialise battery recycling technology in Europe, combining Iondrive's DES process with PEM's battery materials expertise.
• Wood GroupcoreImplementation/ SI/ Consulting Partner · 23 June 2024Partnership with Wood Group for black mass processing plant conceptual engineering design, advancing Iondrive's path to commercial-scale battery recycling operations.
• KoBold Metals CompanycoreStrategic or Co-development Partner · 22 November 2023$7 million South Korean joint venture with KoBold Metals Company for lithium and critical minerals exploration and development.
• Won Kwang S&TminorStrategic or Co-development PartnerStrategic partnership as part of Livium Ltd's expansion initiative targeting black mass processing and rare earth element recovery markets.
• University of AdelaidecoreTechnology or IntegrationCo-development partnership with University of Adelaide for development of IONSolv™ Deep Eutectic Solvent platform technology.

Scale indicators3 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Livium Ltd: Australia's leading lithium-ion battery recycler (formerly Lithium Australia) and Iondrive's strategic partner, pursuing black mass processing, solar panel recycling and rare earth recovery using DES-aligned chemistry. Closest direct comparable in geography, application and technology approach.
• Li-Cycle Holdings: Publicly listed lithium-ion battery recycler using a hydrometallurgical 'spoke-and-hub' process to recover critical minerals from black mass. Most direct like-for-like competitor in the lithium-ion battery recycling hydrometallurgy space.
• Pure Battery Technologies (PEM): Australian hydrometallurgical battery materials producer and Iondrive partner commercialising battery recycling technology in Europe. Directly comparable technology stack (selective leaching) and downstream focus on battery-grade precursors.
• Neometals: ASX-listed developer of the Primobius hydrometallurgical lithium-ion battery recycling joint venture with SMS group. Competes in the same niche — selective hydromet recycling of black mass to battery-grade products.

Broad incumbents

• Redwood Materials: US-based, well-capitalised battery recycling and cathode active material producer founded by JB Straubel. Sets the benchmark for North American commercial-scale battery recycling and is a credible competitor for US e-waste and battery feedstock supply.
• Umicore: Global materials technology group with a major battery materials and precious metals recycling business. Sets competitive pricing and off-take benchmarks across lithium, cobalt, nickel and PGMs relevant to Iondrive's hydromet outputs.
• Glencore: Major diversified mining and commodity trading group with significant cobalt, nickel and copper refining capacity and battery recycling interests. Sets the competitive baseline for downstream refining and off-take of the metals Iondrive targets.

Emerging players

• Ascend Elements: US hydrometallurgical battery recycler (formerly Battery Resourcers) producing cathode precursor materials from end-of-life batteries. Closely comparable in technology class and target output (pCAM) to Iondrive's battery-grade ambitions.
• Cyclic Materials: Canadian rare earth and critical mineral recycler using hydrometallurgy to recover magnet rare earths and other metals from e-waste. Direct peer for Iondrive's REE-from-e-waste value proposition.
• HyProMag: UK-based rare earth magnet recycling company using the patented HPMS process to recover NdFeB magnets from e-waste and EV motors. Comparable to Iondrive's rare-earth-from-e-waste/magnets stream.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/IondriveASX

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Iondrive