Iondrive (ASX:ION) has secured firm commitments from sophisticated and professional investors to raise up to AU$4 million through a placement of around 90.9 million shares at AU$0.044 each, according to a Tuesday filing with the Australian bourse.

Around 77.5 million shares will be issued under the company's existing capacity, while the remaining 13.4 million shares, allocated to directors and Strata Investment Holdings (ASX:SRT), will require shareholder approval at a general meeting expected in mid to late January 2026, per the filing.

The proceeds will support the commercialization of IONSolv, focusing on e-waste recycling in the US, while also strengthening the company's balance sheet to support US government grant applications, the filing said.

The company's shares rose around 2% in recent Tuesday trade.