Commercialisation drive: Belfast site tour shows Ionic...

Commercialisation drive: Belfast site tour shows Ionic Technologies’ opportunity


Sometimes you have to see it to believe it.

That was the feedback from the analysts, fund managers and other industry visitors following the July 24 ‘Analysts and Strategics Day’ at Ionic Technologies’ Belfast technical facility.

And the feedback was overwhelmingly positive.

In a “flash note” released to investors on July 24, ACF Equity Research commented that IXR “has a unique position in the REE [rare earth elements] (magnet) recycling ecosystem.”

“Ionic Technologies’ government-backed support (UK govt. £3.7m over 2 yrs) and support from its Northern Ireland constituents (Titanic Quarter and Belfast Harbour) indicate a solid growth strategy and high margin potential. The demo plant is strategically located with access to well-developed surrounding infrastructure.”

The note added that the demonstration plant had begun 24/7 operations and processed 2.7 tonnes of end-of-life permanent magnets.

IXR has filled demand for the plant through to the end of the third quarter 2025 to run several campaigns as part of demonstrator programs to progress commercial partnerships.

“IXR has partnered with alloy and magnet manufacturers as well as OEMs, which signals [a] potential trend shift in REE supply chain dominance away from China.

“IXR is in a strong position to become a long-term sustainable magnet recycler and heavy REO producer whilst overcoming the supply chain and technical complexities in the market. The demo plant and site for the commercial plant is supported by a community of Greentech innovators, feeding into Ionic Technologies’ business and contributing to climate change mitigation.”

Berenberg’s Metals and Mining analyst described the magnet recycling opportunity as “compelling” following the site tour.

“A key factor is that the technology can process any end-of-life magnets or manufacturing scrap (swarf), opening up potentially substantial feedstock supplies from the UK and EU. The project seeks to tap into a market where >85% of rare earths processing and 99% of rare earths recycling occurs in China, thus providing a unique route for a circular permanent magnet supply chain independent of China, with better sustainability metrics and material traceability (in addition to high purity), which could potentially command a price premium,” he said.

“Further, the EU's €300bn Critical Raw Material Act 2023 set a target for at least 25% of the EU's annual consumption of critical minerals (including REO) to come from recycling. The project has already been supported by GBP3.7m in government grants and the company is confident it can secure further UK and/or EU government investment.

“It also has a site identified in Belfast with the planning permission and environmental permitting processes well-advanced, located at the deepwater harbour, which houses the UK’s first offshore wind installation terminal, offering potential feedstock supply.”

Peel Hunt’s analyst was similarly upbeat following the site tour, noting that “Ionic Technologies has the first-mover advantage in ex-China REO production via recycling, and the pace of development and milestones reached demonstrates a hunger to make the technology work at scale and keep moving forward.

“Belfast Harbour seems to be the ideal place to build out a recycling hub – close to offshore wind (8.7GW of installed wind turbines within 150 miles of Belfast - that’s a lot of magnets), plenty of space, and most importantly, a local government and landlord keen to encourage development and who are already building a renewables hub.

“We also think it reasonable to assume a REO oxide produced ex-China will be able to attract a premium as governments and OEMs prioritise security of supply.”