Cyclic Materials secures $53 million to drive rare earth element recycling, including MR scanners
por Gus Iversen, Editor in Chief | September 30, 2024
Business Affairs
This image shows industrial waste from an MR scanner
Cyclic Materials has secured $53 million in Series B funding to drive the global expansion of its rare earth element (REE) recycling infrastructure.
The Toronto-based company plans to use the investment to establish commercial facilities in the U.S. and Europe.
The equity round, led by ArcTern Ventures, also included contributions from BDC Capital’s Climate Tech Fund, Hitachi Ventures, and Microsoft’s Climate Innovation Fund, among others. This brings Cyclic Materials' total equity raised to over $83 million.
The funding will support the scaling of the company’s rare earth recycling operations, which aim to create a circular supply chain for critical materials. Cyclic Materials recovers REEs from end-of-life products, such as wind turbines, electric vehicles, and MR scanners, offering an environmentally friendly alternative to traditional mining.
“We're energized to partner with the world’s top sustainability-focused infrastructure and corporate investors to scale our technology’s impact,” said Ahmad Ghahreman, the company's CEO and cofounder. “This funding underscores the confidence in our ability to create the circular economy for rare earths needed for the clean energy transition. Not only is our technology essential for supporting sustainable domestic production of rare earths, but it will also play a critical role in re-establishing North American and European leadership in the rare earths industry.”
Cyclic Materials’ process significantly reduces the environmental impact associated with mining REEs, boasting a lower carbon footprint and improved water efficiency. The company’s partnerships with industry leaders like Solvay and Vattenfall further support its mission to scale sustainable rare earth recycling.
The Series B round follows a recent $3.6 million grant from Natural Resources Canada, aimed at advancing the company’s commercial demonstration facility, Hub100.
The Toronto-based company plans to use the investment to establish commercial facilities in the U.S. and Europe.
The equity round, led by ArcTern Ventures, also included contributions from BDC Capital’s Climate Tech Fund, Hitachi Ventures, and Microsoft’s Climate Innovation Fund, among others. This brings Cyclic Materials' total equity raised to over $83 million.
The funding will support the scaling of the company’s rare earth recycling operations, which aim to create a circular supply chain for critical materials. Cyclic Materials recovers REEs from end-of-life products, such as wind turbines, electric vehicles, and MR scanners, offering an environmentally friendly alternative to traditional mining.
“We're energized to partner with the world’s top sustainability-focused infrastructure and corporate investors to scale our technology’s impact,” said Ahmad Ghahreman, the company's CEO and cofounder. “This funding underscores the confidence in our ability to create the circular economy for rare earths needed for the clean energy transition. Not only is our technology essential for supporting sustainable domestic production of rare earths, but it will also play a critical role in re-establishing North American and European leadership in the rare earths industry.”
Cyclic Materials’ process significantly reduces the environmental impact associated with mining REEs, boasting a lower carbon footprint and improved water efficiency. The company’s partnerships with industry leaders like Solvay and Vattenfall further support its mission to scale sustainable rare earth recycling.
The Series B round follows a recent $3.6 million grant from Natural Resources Canada, aimed at advancing the company’s commercial demonstration facility, Hub100.
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