An advanced recycling company targeting the critical minerals space has raised another $2 million in capital as the market for its innovative technology expands.
Toronto’s Cyclic Materials, a firm building a circular supply chain for Rare Earth Elements, garnered the funds from InMotion Ventures, the investment arm of Jaguar Land Rover.
The $2M builds on a Series B now pegged at US$55 million.
“We are thrilled to welcome InMotion Ventures as a key investor, extending our Series B with an additional $2 million,” stated Ahmad Ghahreman, CEO of Cyclic Materials. “We are honoured to have one of the UK’s most active corporate funds as partners as we deploy our rare earth recycling infrastructure across North America and Europe.”
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.
Recycled rare earth elements require as little as 36% of the CO₂ emissions to produce compared to newly mined material, according to the company, and diverting material back into the supply chain reduces the need to open new Greenfield mines.
This investment aligns with InMotion Ventures’s commitment to the circular economy.
“Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements and critical materials,” remarked Mike Smeed, Managing Director at InMotion Ventures. “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’ Series B will go toward accelerating the expansion of its operations across North America and Europe, enhance processing capabilities, and refine its cutting-edge recycling technologies, according to a statement from the firm.
The Canadian company’s earlier $53 million round was backed by Microsoft, Hitachi, and BMWi. Cyclic Materials also received a multimillion dollar grant from Natural Resources Canada. Total funding is now north of US$80M.
Cyclic Materials, founded in 2021, was recently named to The Global Cleantech 100.