Cyclic Materials, a Toronto, Canada-based recycling company creating a circular supply chain for rare earth elements (REEs) and other critical materials, raised USD $53M in Series B Funding.
The round was led by ArcTern Ventures and supported by new investors BDC Capital’s Climate Tech Fund, Hitachi Ventures, Zero Infinity Partners, Climate Investment, and Microsoft’s Climate Innovation Fund. Existing investors Fifth Wall, BMW i Ventures, Energy Impact Partners, and Planetary Technologies also participated.
The company intends to use the funds to expand operations and its development efforts.
Led by CEO Ahmad Ghahreman, Cyclic Materials is a cleantech company creating a circular supply chain for rare earth elements (REEs) and other critical materials for supporting the clean energy transition. Through its technology, it economically, sustainably, and domestically transforms end-of-life products into valuable raw materials that are essential to the production of electric vehicles, wind turbines, and motors for the electronics.
In 2023, Cyclic Materials commissioned a commercial demonstration facility of the first stage of its process, to recover rare earth magnets from end-of-life materials using the proprietary process, Mag-Cycle™. In 2024, the company opened a second commercial demonstration facility, for the second stage of its process, in Kingston, Ontario where Mixed Rare Earth Oxide is produced using its proprietary hydrometallurgical technology, REEPure™.
The Series B funding followed a USD $3.6M grant award from Natural Resources Canada
FinSMEs
25/09/2024