Northern Ireland clean tech company wins funding to power energy transition

A Belfast-based firm has been announced as the largest recipient in the first phase of a £15 million Government fund, which it will use to scale up production of the rare earths needed to manufacture renewable energy technologies.

The investment will also assist Ionic Technologies to create up to 100 new jobs.

Lord Dominic Johnson, the UK’s investment minister, who is in Belfast for a major investment summit, officially opened the company’s Belfast demonstration plant on Tuesday.

The funding is earmarked for research to strengthen domestic supply chains of critical materials to drive the UK’s net-zero transition and green transport.

The company said the investment will help it become one of the UK’s foremost innovators in magnet recycling and domestic producers of 100% recycled rare earth oxides.

Acquired in 2022 by Australian multinational Ionic Rare Earths Ltd, the company – a Queen’s University Belfast spinout – aims to scale up production through development of a commercial-scale plant.

Lord Johnson said: “Critical minerals are vitally important to our economy, and the funding awarded for these cutting-edge projects today will help us strengthen the industry’s supply chain even further.

“There are huge opportunities for UK firms in the booming rare earth elements market, and I congratulate the winners on their success in helping to drive this growth; a brilliant way to kick off the Northern Ireland Investment Summit this week.”

Thomas Kelly, general manager of Ionic Technologies, said: “At our Belfast base we are demonstrating that our patented process can establish sustainable, sovereign and secure rare earth supply chains by recycling end-of-life magnets, creating an opportunity for the UK to export these strategic raw materials globally.

“We are proud that an indigenous tech business has the capability to deliver certainty for the UK over future supply of rare earths.

“With Northern Ireland in the spotlight during this week’s Investment Summit, led by Lord Johnson, we are ready to showcase and promote our innovative technology and global potential.”