Ionic Rare Earths Secures £11M UK Funding for Rare Earth Magnet Supply Chain

Ionic Technologies, a subsidiary of Ionic Rare Earths, has secured £11 million in funding from the UK government to lead the CirculaREEconomy project, which aims to establish a sustainable and sovereign UK supply chain for rare earth permanent magnets (REPM) critical to electric vehicle (EV) drivetrains. The three-year initiative, starting in August 2025 and supported by the Advanced Propulsion Centre UK, involves a consortium of major automotive and recycling industry leaders including Ford Technologies, Bentley Motors, Wrightbus, Less Common Metals, European Metals Recycling, and the British Geological Survey. The project focuses on producing high-purity, separated rare earth oxides from recycled materials and collaborating with European magnet manufacturers like Vacuumschmelze and GKN Powder Metallurgy to meet automotive OEM specifications. Ionic Technologies will leverage its unique hydrometallurgical technology at its Belfast demonstration plant to enhance circular supply chains and reduce reliance on imports, particularly from China, which ceased REPM exports in April 2025. The UK government’s funding reflects strategic support for developing low-carbon technologies and regional economic growth through skilled employment and investment. Ionic Rare Earths is also progressing discussions on capital grant funding to support its planned commercial plant in Belfast Harbor, underscoring ongoing government engagement.