Toronto-based Cyclic Materials has raised $53 million in a Series B funding round to accelerate its mission of creating a circular supply chain for rare earth elements (REEs) through advanced recycling technologies.
Founded in 2021, the company specializes in recycling rare earth magnets found in end-of-life electric vehicle motors, wind turbines, and other electronic waste. Its proprietary processes, “Mag-Cycle” and “REEPure,” have already demonstrated success at both pilot and commercial scales.
Cyclic Materials’ CEO Ahmad Ghahreman expressed enthusiasm for the new funding, stating, “We’re energized to partner with the world’s top sustainability-focused infrastructure and corporate investors to scale our technology’s impact. This funding underscores the confidence in our ability to create the circular economy for rare earths needed for the clean energy transition.”
The $53 million round, led by ArcTern Ventures and joined by investors like Microsoft’s Climate Innovation Fund and Hitachi Ventures, will support the establishment of REE recycling infrastructure in the U.S. and Europe.
With this latest funding, Cyclic Materials has raised $83 million to date and aims to enhance North American and European leadership in the rare earths industry, while contributing to environmental sustainability through reduced carbon emissions and efficient resource use.
