Innovative magnet recyclers in Ireland may soon be turning in their four-leaf clovers for four rare-earth oxides with cleaner-energy implications.
That’s because experts at Ionic Rare Earths, a subsidiary of Ionic Technologies, are perfecting a way to gather a quartet of the most valuable oxides from recycled industrial magnets. It’s important work, as the elements are key components for much of our technology, both for domestic and military use, according to the Financial Times.
In fact, the U.S. government considers them to be crucial for “national security, energy independence, environmental future, and economic growth.”
There are only 17 rare earth elements on the periodic table, which contains 118 substances.
While the name is a little misleading — they aren’t necessarily rare on Earth — competition with international producers is a significant hurdle for the United States and its allies, the report added.
“We’re the only company doing the separation … outside China,” Tim Harrison, managing director of Ionic Rare Earths, said in FT. “It’s a very, very quick solution to an immediate problem.”
A demonstration plant features a 264-gallon tank containing ground-up magnets where the rare elements are extracted. They are fired in a kiln to produce the needed oxides, the story continued.
Ionic intends to extract nearly 441 tons of the oxides a year in Belfast, worth more than $2 billion in revenue during 20 years of operation. That could provide the supply needed for 200,000 cleaner, electric vehicle motors, per FT.
It could be a lucrative effort, as the market for the oxides is expected to grow by a factor of five to $44.1 billion by 2040, the publication added.
For now, China nearly has a monopoly on rare earth elements, producing 60% of the global supply and processing 90% of them. They are also part of televisions, computers, and smartphones. The military needs them for drones, lasers, and communications technology, the Center for Strategic & International Studies reported.
Diverse supply chains could help with the shift away from dirty fuels that are linked by NASA to increased risks for severe weather — storms that are impacting more property owners through higher insurance premiums and even canceled coverage.
Part of the reason that demand for rare earth elements is up is due to increased interest in EVs and other sustainable energy equipment. The International Energy Agency reported that global EV sales exceeded 17 million last year, a 25% increase from 2023. While batteries needed to power the rides are expensive, better recycling is among the reasons why experts expect prices to soon drop by half, according to Recurrent and Goldman Sachs.
