Jaguar Land Rover’s investment arm, InMotion Ventures, has contributed $2 million to Cyclic Materials, a rare earth magnets recycling company. This investment brings Cyclic Materials’ Series B funding round total to $55 million, further strengthening its expansion plans in North America and Europe.
InMotion Ventures has a history of investing in technologies aimed at improving sustainability, including supply chain traceability, battery repair, reuse, and recycling. With this latest investment in Cyclic Materials, the company is focusing on rare earth magnet recycling, a key area for supporting the automotive industry’s shift toward more sustainable practices.
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Mike Smeed, Managing Director at InMotion Ventures, highlighted the importance of Cyclic Materials’ work: “Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements (REEs) and critical materials. Their innovative technologies address a vital need for rare earth magnets recycling, supporting the automotive industry’s transition toward a cleaner and more resilient future.”
Cyclic Materials plans to use the new funding to enhance its processing capabilities and continue refining its recycling technologies. The company’s proprietary MagCycle and REEPure technologies are designed to recover rare earth elements from a variety of end-of-life products, creating a circular supply chain for recycled Mixed Rare Earth Oxides. Rare earth magnets, particularly neodymium magnets, are critical for high-performance electric vehicle (EV) motors and other technologies, making their recycling crucial to meet growing global demand.
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The investment builds on a previous $53 million funding round, with backing from companies including BMWi, Microsoft, and Hitachi. Rare earth magnet recycling remains a significant challenge, with less than 1% of these materials currently recycled, despite an expected tripling of global demand by 2030.