Toronto-based Cyclic Materials has closed an over-subscribed US$75 million Series C equity round, the company’s largest financing to date, as it moves to scale rare earth recycling operations across the United States and Europe while expanding its research and development footprint in Canada.
The funding brings Cyclic Materials’ total equity raised to more than US$162 million and marks what the company describes as a major inflection point in its commercial rollout. The capital will be used to accelerate the deployment of rare earth recycling infrastructure in North America, positioning recycled materials as a faster and more secure alternative to traditional mining for critical inputs used in artificial intelligence, robotics, defence systems, and electric vehicles.
Cyclic Materials focuses on recycling magnet-containing end-of-life products and magnet production waste—currently the fastest route to producing magnet-grade rare earth elements in Western countries. The approach is particularly significant for heavy rare earth elements, which are scarce in Western mining deposits and remain largely controlled by China.
The company operates a two-stage physical and hydrometallurgical recycling process that recovers rare earth elements from discarded electric vehicle motors, wind turbines, MRI machines, and data centre electronic waste. Cyclic Materials says its technology reduces carbon emissions by more than 60 percent compared to mining, cuts water use to roughly five percent of mining requirements, and achieves recovery rates above 98 percent.
“This investment underscores the urgency of building a secure supply chain for rare earths that power the defence, AI and robotics revolution,” said founder and CEO Ahmad Ghahreman. “Recycling end-of-life products is the fastest way to create a resilient supply of these critical metals in Western countries—and likely the only viable source of heavy rare earths outside China.”
Alongside infrastructure expansion in the U.S., the financing will support continued intellectual property development at Cyclic Materials’ newly built Centre of Excellence in Kingston, Ontario. The facility anchors the company’s vertically integrated strategy across the magnet supply chain and supports the growth of its global team.
In spring 2025, Cyclic Materials announced its first U.S. “Spoke” project in Mesa, Arizona, paired with its inaugural “Hub” and Centre of Excellence in Kingston. The company has also strengthened its position through partnerships, including a collaboration with Solvay and a 10-year exclusive agreement with VACUUMSCHMELZE to recycle magnet production by-products from VAC’s South Carolina facility. More recently, Cyclic Materials added Lime Micromobility to its growing network of feedstock partners supplying end-of-life materials.
As demand surges for permanent magnets used in AI servers, defence technologies, robotics, and next-generation manufacturing, Cyclic Materials is positioning recycling as a lower-risk, faster-to-market solution than mining—one that could play a central role in restoring North American leadership in rare earth supply chains.