Iondrive

Iondrive Limited (ASX: ION) is a dual-focused company centered on the commercialization of battery technologies and the exploration of critical minerals. Originally a mineral explorer named Southern Gold Limited, the company rebranded in November 2023 to reflect its strategic pivot towards the battery technology sector. This shift was solidified by the acquisition of Iondrive Technologies Pty Ltd in May 2023, which brought a portfolio of next-generation battery solutions developed in partnership with the University of Adelaide.

The company's primary business is the commercialization of three exclusively licensed battery technologies. The flagship technology is a proprietary Deep Eutectic Solvent (DES) process for recycling lithium-ion batteries. This hydrometallurgical method aims to be a more environmentally sustainable and cost-effective alternative to traditional recycling techniques like smelting or acid leaching, by using non-toxic, biodegradable solvents to recover critical minerals such as lithium, nickel, cobalt, and manganese from shredded battery material, known as 'black mass'. Laboratory trials have shown high recovery rates, and the company is progressing towards a pilot plant to validate the technology at a larger scale. Another key focus is the development of safer, non-flammable lithium-metal batteries designed to significantly increase energy storage capacity and lifespan. The third technology is a low-cost, water-based aqueous sodium-ion battery, positioned as a stable and abundant alternative for large-scale energy storage applications.

Iondrive's business model involves advancing these technologies toward commercial readiness, with potential revenue streams from sub-licensing, direct sale to battery manufacturers, or supplying recovered critical materials. The company is actively establishing partnerships in key European and US markets. A recent project with CSIRO aims to upgrade waste graphite from the recycling process into valuable anode-grade material, potentially increasing revenue from recycling operations by up to 25%.

Complementing its technology division, Iondrive maintains a substantial mineral exploration portfolio in South Korea. This business segment, a legacy from its time as Southern Gold, focuses on lithium, rare earth elements (REE), and precious metals. A significant development in this area is an earn-in and joint venture agreement with KoBold Metals, a prominent US-based exploration firm backed by investors like Breakthrough Energy Ventures. Under the agreement, KoBold can invest up to A$7 million to earn a 75% interest in Iondrive's key South Korean lithium projects, with Iondrive's subsidiary acting as the field operator for the initial phase.

The company is led by a team with experience in chemical engineering, technology commercialization, and capital markets, including CEO Dr. Ebbe Dommisse and Chairman Michael McNeilly. This strategic leadership is crucial as Iondrive navigates its dual objectives of advancing its battery technology pilot plant and creating value from its mineral exploration assets.

Keywords: battery recycling, deep eutectic solvent, lithium-ion batteries, mineral exploration, aqueous sodium-ion battery, non-flammable batteries, black mass processing, critical minerals recovery, KoBold Metals joint venture, University of Adelaide partnership, sustainable battery technology, lithium exploration South Korea, circular economy, hydrometallurgy, clean technology, ASX:ION, rare earth elements, battery materials, e-waste recovery, graphite upgrading