Iondrive (ASX:ION) said the proposed membership and legal framework for a proposed battery recycling consortium has been finalized and the firm established a German unit, Iondrive EU, as its local European Union entity to participate in the consortium, according to a Monday ASX filing.
A joint application has been submitted for a 3.1 million euros EU government grant over a three-year term. Iondrive would receive 650,000 euros of the grant.
The firm engaged with prospective consortium members, including automotive original equipment manufacturers, battery manufacturers, material processors, and recyclers, through a coordinated pre-consortium process led by the Production Engineering of E-Mobility Components, Aachen University.
The formal launch of the consortium, as part of the firm's plan to commercialize its Deep Eutectic Solvents technology, is contingent on a successful grant outcome, expected within the next three months.
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