Cyclic Materials Raises USD $75M in Series C Funding to Accelerate Global Supply of Local and Resilient Rare Earths
Cyclic Materials has successfully closed an over-subscribed USD $75 million Series C equity round, marking its largest funding raise to date. The new capital will support the company’s rapid expansion across the US and Europe, while accelerating its research and development operations in Canada. This investment highlights the growing demand for locally sourced, resilient rare earth elements (REEs), essential for industries such as AI, robotics, defense, and electric vehicles.
Revolutionizing Rare Earths Recycling
Cyclic Materials is at the forefront of rare earth element recycling. By focusing on magnet-containing end-of-life (EOL) products and magnet production waste, the company offers a quicker, more sustainable alternative to traditional mining methods. This process not only provides access to critical heavy rare earths that are scarce in Western mining deposits but also helps mitigate waste streams, establishing a secure, circular supply chain for these vital materials.
The company uses a two-stage physical and hydrometallurgical recycling technology to recover REEs from end-of-life products and magnet production waste, providing a scalable, low-risk pathway for securing materials critical to advanced industries.
Strategic Investment Partners
The Series C funding round was led by accounts advised by T. Rowe Price Associates Inc., with continued backing from existing shareholders and additional participation from the Canada Growth Fund (CGF). This brings Cyclic Materials’ total equity funding to over USD $162 million, positioning the company for rapid commercial rollout and global expansion.
Supporting North American Supply Chains
With the new funding, Cyclic Materials plans to accelerate its rare earths recycling infrastructure across the US, ensuring a secure and locally sourced supply of critical materials. These materials are increasingly required by industries such as AI, robotics, defense, and electric vehicles.
The funds will also support the expansion of the company’s Center of Excellence in Kingston, Ontario, where Cyclic Materials will continue to develop its intellectual property and solidify its leadership in the rare earths supply chain. The investment will also support the company’s vertical integration with the magnet supply chain and help grow its global team.
Leadership Commentary on Investment
Ahmad Ghahreman, CEO and founder of Cyclic Materials, expressed the significance of the funding: “This investment underscores the urgency of building a secure supply chain for rare earths that power defense, AI, and robotics. Recycling EOL products for magnet REE recovery is the fastest way to establish a resilient supply of these critical metals in the Western world. With this new capital, we are positioned to deploy recycling infrastructure at a pace traditional mining cannot match.”
Vineet Khanna, investment analyst at T. Rowe Price, emphasized the importance of Cyclic Materials’ approach: “As demand for rare earth elements accelerates, Cyclic Materials is addressing a critical supply challenge with a scalable and commercially viable solution. Their ability to recover high-value materials from complex EOL products is key to strengthening domestic and allied supply chains.”
Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management (CGFIM), highlighted the strategic importance of the investment: “This transaction will accelerate Cyclic Materials’ R&D and help fast-track the commercialization of its breakthrough technology in Canada, bolstering the country’s critical minerals processing capabilities.”
Environmental and Economic Benefits of Recycling
Cyclic Materials’ recycling technology provides clear advantages over traditional mining. It reduces carbon emissions by 61.2%, uses just 5% of the water required by mining, and boasts recovery rates exceeding 98%. Moreover, its recycling infrastructure can be deployed years faster than traditional mining, offering a scalable solution for securing critical materials—especially heavy rare earths essential for high-performance permanent magnets used in AI servers, defense, robotics, and e-mobility.
Accelerating Global Expansion and Partnerships
Cyclic Materials has rapidly scaled its operations since its Series B funding round, with its North American footprint expanding significantly. As part of its strategy to anchor rare earths supply locally, the company announced the launch of its first Spoke project in Mesa, Arizona, in spring 2025. This project is pivotal in scaling up the US’s domestic supply of rare earths. Alongside this, Cyclic Materials is developing its first Hub project and Center of Excellence in Kingston, Ontario.
The company has also secured strategic partnerships, including a 10-year exclusive agreement with VACUUMSCHMELZE (VAC) to recycle magnet production by-products from its South Carolina facility. Additionally, Cyclic Materials has joined forces with Lime Micromobility, a major feedstock partner, further bolstering its circular supply chain.
Positioned for Growth in Critical Industries
With these key milestones, Cyclic Materials is well-positioned to become a foundational supplier to industries such as AI, defense, and robotics, all of which are driving the industrial transition towards advanced manufacturing and electrification. The company is now primed to deliver rare earth materials locally, ensuring a secure and resilient supply chain at an unprecedented speed.
About Cyclic Materials
Founded in 2021, Cyclic Materials is a cleantech company focused on building a resilient supply chain for rare earth elements (REEs) and other critical materials through the recycling of magnet-containing EOL products. The company’s proprietary technologies, including MagCycle℠ and REEPure℠, enable the sustainable recovery of critical raw materials from products such as electric vehicle motors, wind turbines, MRI machines, and data center electronic waste. Cyclic Materials is rapidly scaling its operations across North America, Europe, and Asia, with its first commercial-scale Spoke facility in Mesa, Arizona, and a Center of Excellence in Kingston, Ontario. The company was recently recognized as one of the Top 10 Climate Tech Companies to Watch by MIT Tech Review.
About T. Rowe Price
T. Rowe Price, founded in 1937, is a global investment management firm known for its expertise in equity, fixed income, alternatives, and multi-asset investments. The firm manages $1.78 trillion in assets as of December 31, 2025, and serves millions of clients worldwide.
About Canada Growth Fund
The Canada Growth Fund (CGF) is a $15 billion investment vehicle designed to attract private capital to build Canada’s clean economy. By supporting low-carbon projects, technologies, and supply chains, CGF aims to boost Canada’s strategic capabilities in critical sectors.
Source link: https://www.businesswire.com/
