First US module could qualify for $5.2 million in incentives
ASX-listed Iondrive Limited has won backing in Oklahoma for a proposed rare earth recycling facility, with state and local incentives identified at about US$5.2 million for its first US module.
On 29 June 2026, the Oklahoma Department of Commerce issued a Letter of Support for the project. The planned site would be Iondrive’s first advanced rare earth recycling and critical minerals processing module in the United States.
That support could rise to more than US$15 million if Iondrive develops two more modules of similar scope. However, any larger package would still depend on eligibility, approvals and performance requirements.
The Oklahoma plant would commercialise Iondrive’s proprietary IONSolv technology. Independent third-party testing on commercially sourced US magnet feedstock recorded recovery rates of 93.8% for neodymium, 95.1% for praseodymium and 93% for dysprosium.
Those test results show IONSolv can recover both light and heavy rare earth elements. Those materials are used in permanent magnets for electric vehicles, renewable energy systems, defence applications and advanced manufacturing.
The project also fits wider US federal and state efforts to build secure domestic rare earth supply chains with less reliance on China. Meanwhile, Oklahoma is positioning itself as an emerging hub for critical minerals processing and advanced manufacturing.
Iondrive’s commercial plan centres on modular deployment. Each unit is designed as a repeatable building block that can scale production over time and reduce development and execution risk.
Beyond the incentive estimate, Oklahoma is offering practical support for the project. That package includes site identification, utility engagement, introductions to local economic development authorities and links to partners for feedstock sourcing and supply chain integration.
What happens next
Chief executive Lewis Utting said, “The support we have received from the Oklahoma Department of Commerce is an important endorsement of Iondrive’s strategy to establish a domestic rare earth recovery platform in the United States.”
Utting added, “The identified incentive estimates are based on existing legislated programmes, and Oklahoma has presented a compelling value proposition including workforce, infrastructure, energy resources and performance-based support for our first commercial deployment.”
Following the Letter of Support, Iondrive will work to formalise the proposed incentive package. The company will also advance its Process Validation and Engineering Definition programme with engineering partner ProProcess.
After that stage, Iondrive plans to move into Front-End Engineering Design. A Final Investment Decision will then determine whether the first commercial module proceeds in Oklahoma.
