An advanced recycling company targeting the critical minerals space has so far raised more than US$80 million to build a circular supply chain for Rare Earth Elements.
Now, Toronto’s Cyclic Materials is the one doing the investing.
Cyclic this week announced it has invested over US$20M into its first commercial facility outside of Canada.
Located in Arizona, the new state-of-the-art facility will be the company’s first global recycling operation focused on the separation of permanent magnets from end-of-life products previously not recovered.
“We are excited to begin commercial operations in the U.S. in early 2026,” says Ahmad Ghahreman, cofounder and chief executive officer of Cyclic Materials.
Rare Earths Elements are an essential component in permanent magnets, which are found in everything from data centres and wind turbines to cell phones, electric vehicles, and power tools.
Despite their significance, however, less than 1% of these elements are currently recycled.
Cyclic Materials has developed proprietary technologies, “MagCycle” and “REEPure,” to help establish a circular supply chain for recycled Mixed Rare Earths Oxides.
“By developing circular supply chains, we can reduce dependence on overseas sources and secure a more stable REE supply for the future,” noted Ghahreman.
As part of the company’s commitment to building a sustainable ecosystem, Cyclic Materials is establishing a feedstock supply network that will serve the entire US.
“We have chosen the vibrant Southwest for our first U.S. and global site to be close to feedstock that will support our mission to address the global supply-demand imbalance for rare earth materials,” Ghahreman said.
Cyclic Materials has raised capital from the likes of Microsoft, Hitachi Ventures, BMW iVentures, ArcTern Ventures, Fifth Wall, InMotion Ventures, and Amazon’s Climate Pledge Fund.
Founded in 2021, the firm was named to The Global Cleantech 100.
Moving forward, Cyclic says it intends to scale globally across North America, Europe, and Asia.