A New Era of Rare Earth Recycling: Cyclic Materials Secures $53 Million to Scale Up Operations

Canadian company Cyclic Materials, a leader in rare earth element (REE) recycling, has announced the successful completion of a $53 million Series B equity round, marking a significant step forward in its mission to create a circular supply chain for critical materials. This oversubscribed funding round was led by ArcTern Ventures and supported by a strong consortium of investors, including BDC Capital’s Climate Tech Fund, Hitachi Ventures, Zero Infinity Partners, Climate Investment, and Microsoft’s Climate Innovation Fund. Existing investors Fifth Wall, BMW i Ventures, Energy Impact Partners, and Planetary Technologies also participated in the round.

The Power of Innovation: Cyclic Materials' Advanced Technology

Founded in 2021, Cyclic Materials has developed a unique approach to recycling rare earth magnets, a critical component in various modern technologies, including electric vehicle motors, wind turbines, MRI machines, and data center electronics. The company's proprietary technologies, Mag-Cycle and REEPure, offer a sustainable and economical way to recover these critical raw materials from end-of-life products, diverting them from landfills and creating a more circular economy.

Cyclic Materials' commitment to innovation extends beyond its recycling processes. The company's technology not only recovers rare earth elements, but it also produces high-purity REEs, making it a valuable partner for manufacturers and businesses seeking sustainable sourcing options. This approach has attracted significant interest from leading companies, including Solvay, Vattenfall, Synetiq, and VACUUMSCHMELZE, which have partnered with Cyclic Materials to establish a circular supply chain for rare earths.

A Global Expansion: Scaling Up to Meet Demand

The $53 million Series B funding will enable Cyclic Materials to accelerate its global expansion, building out its recycling infrastructure in both the US and Europe. This strategic move reflects the growing demand for sustainable and domestically sourced rare earth elements, a key driver of the clean energy transition. With the new funding, Cyclic Materials is poised to become a leading player in the global rare earth recycling market, supporting the growing demand for these essential materials.

A Vision for the Future: Re-establishing North American Leadership

The company's CEO, Ahmad Ghahreman, emphasized the importance of this funding in supporting the clean energy transition and re-establishing North American leadership in the rare earth industry. Ghahreman states, “This funding underscores the confidence in our ability to create the circular economy for rare earths needed for the clean energy transition. Not only is our technology essential for supporting sustainable domestic production of rare earths, but it will also play a critical role in re-establishing North American and European leadership in the rare earths industry.”

Cyclic Materials' commitment to sustainable practices is evident in its recycling processes, which offer significant environmental benefits over traditional mining methods. The company's approach reduces carbon footprint and water use, making it a more sustainable alternative to sourcing rare earths from mines. With a focus on circularity and environmental sustainability, Cyclic Materials is a shining example of how innovation can drive a greener future.

A Future of Abundance: The Promise of Sustainable Rare Earth Recycling

Cyclic Materials' success is a testament to the growing demand for sustainable solutions in the technology and energy sectors. The company's innovative approach to recycling rare earth elements is poised to play a critical role in addressing the global supply chain challenges associated with these critical materials. As the clean energy transition continues, companies like Cyclic Materials are leading the way towards a more sustainable and abundant future.