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

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

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Ionic Rare Earths Limited ( (AU:IXR) ) just unveiled an update.

Ionic Rare Earths Limited, through its subsidiary Ionic Technologies, has secured £11 million in funding from the UK Government and the Advanced Propulsion Centre UK for the ‘CirculaREEconomy’ project. This initiative aims to establish a UK-based supply chain for rare earth permanent magnets, crucial for electric vehicle motors. The project, involving major automotive and recycling partners, will enhance the UK’s capabilities in electric drivetrain technology and reduce reliance on Chinese exports, aligning with the UK’s DRIVE35 program to transform the automotive sector.

More about Ionic Rare Earths Limited

Ionic Rare Earths Limited is a company operating in the rare earth elements industry, focusing on the production and supply of rare earth permanent magnets (REPMs). The company is involved in creating sustainable and sovereign supply chains for rare earth elements, particularly for applications in electric vehicles and advanced propulsion technologies.

Average Trading Volume: 25,238,584

Technical Sentiment Signal: Hold

Current Market Cap: A$89.59M

Find detailed analytics on IXR stock on TipRanks’ Stock Analysis page.

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