Rare earth elements such as Neodymium, Praseodymium, Terbium, and Dysprosium are essential for permanent magnets used in electric vehicles, wind turbines, and consumer electronics.
Yet fewer than 1% of these critical materials are currently recycled, and global supply remains concentrated in a handful of jurisdictions.
Toronto-based cleantech innovator Cyclic Materials over the summer announced a $34 million investment to establish North America’s first Centre of Excellence for rare earth element recycling in Ontario.
“We’re advancing our core mission: to secure the most critical elements of the energy transition through circular innovation,” Cyclic Materials chief executive officer Ahmad Ghahreman remarked in June.
Slated to open in early 2026, the 140,000-square-foot facility will serve as the company’s industrial and innovation hub, combining commercial processing with R&D to tackle one of the energy-based supply chain challenges.
This month, Kingston-born Cyclic was recognized as the only Canadian company on the 2025 edition of MIT Technology Review’s top 10 Climate Tech Companies to Watch.
The 2025 honourees were chosen through a rigorous selection process, according to the Massachusetts Institute of Technology, which involved editors, reporters, academics, investors, and other experts, with winners selected for their ability to slash emissions, build resilience, and demonstrate staying power amid shifting policy and market conditions.
Now in its third year, the 10 Climate Tech Companies to Watch list includes firms from China, the U.S., and India, such as Cemvision, Fervo Energy, and Redwood Materials.
MIT Technology Review, an independent media firm, was established in 1899 at The Massachusetts Institute of Technology, which was founded in 1861.
Cyclic Materials was founded in 2021 by Ghahreman alongside Patrick William Nee.