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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.