Ionic Technologies, set up in 2022 as a spin-out from Queen’s University Belfast, is a wholly-owned subsidiary of Ionic Rare Earths Limited (ASX: IXR). The company leads globally in permanent magnet recycling, utilizing a patented process to produce high-purity rare earth oxides (REOs) (99.9%+ purity) from end-of-life magnets and industrial waste. Its technology recovers critical magnet rare earths—neodymium (Nd), praseodymium (Pr), dysprosium (Dy), and terbium (Tb)—used in applications like electric vehicles (EVs), wind turbines, and defense systems. In September 2022, Ionic Technologies received a £1.72 million grant from the UK Government’s Innovate UK to build a demonstration magnet recycling plant in Belfast, operational since June 2023, with a capacity to process 30 tonnes of waste magnets annually, producing over 10 tonnes of REOs. The company supports sustainable supply chains, reducing geopolitical risks and environmental impact through scalable, non-hazardous processes.