Critical Minerals Factbook
Federal instrument · Grant

UK DRIVE35 GBP 12 million capital grant Offer in Principle to Ionic Technologies (Belfast commercial plant)

GBP 12 million capital grant Offer in Principle from the UK Government's DRIVE35 program to Ionic Technologies, received 27 January 2026, toward the planned 400 t/y separated rare earth oxide commercial magnet recycling plant at Queen's Island, Belfast Harbour Estate. The offer is in principle, subject to further due diligence and applicable conditions, and the roughly GBP 85 million project still requires remaining equity financing and a final investment decision, so the instrument is recorded at conditional-commitment.

Facts on this page last re-verified Aug 11, 2026 — the oldest verification date among its current claims. How we verify.

Financial state: Conditional commitment

Program: DRIVE35 · UK Government (Department for Business and Trade / APC)

Terms

Amount£12M (GBP 12 million capital grant per the Offer in Principle; offered amount subject to due diligence and conditions, not an executed or disbursed grant)

Immutable financial events

  1. Jan 27, 2026 · Conditional commitment

Operational milestones are displayed on the linked facility line, not duplicated in this ledger.

Sources