Cyclic Materials has closed an oversubscribed $75 million Series C equity round as it scales rare-earth recycling operations across the U.S. and Europe and expands its Canada-based research and development footprint The financing was led by accounts advised by T. Rowe Price Associates, with participation from the Canada Growth Fund and continued support from existing shareholders.
Cyclic Materials said the raise brings its total equity funding to more than $162 million as it moves from commercial demonstration into broader rollout and global expansion, with an emphasis on strengthening North American supply chains.
Cyclic Materials is focused on recovering rare earth elements from magnet-containing end-of-life scrap and magnet production waste, positioning recycling as a faster pathway to supply, particularly for heavy rare earths that are less commonly available from Western mining deposits. The company uses a two-stage physical and hydrometallurgical process to produce rare earth outputs from products such as electric vehicle motors, wind turbines, MRI machines, and data center electronic waste.
Proceeds from the Series C will be used to accelerate the buildout of rare earth recycling infrastructure in the U.S. and to continue developing intellectual property at the company’s recently built Center of Excellence in Kingston, Ontario. Cyclic Materials said it is also advancing vertical integration with the magnet supply chain as it grows its global team.
The company highlighted environmental and performance claims relative to traditional mining, including a 61.2% reduction in carbon footprint, water use cut to 5% of mining requirements, and recovery rates exceeding 98%. It also said its infrastructure can be deployed years faster than mining projects, which it argues lowers risk and speeds access to critical materials used in high-performance permanent magnets for AI servers, defense systems, robotics, and advanced manufacturing.
Cyclic Materials has been expanding its footprint since its Series B round, including the launch of its first “Spoke” project in Mesa, Arizona, in spring 2025, paired with a “Hub” project and the Kingston Center of Excellence. The company also pointed to partnerships, including a collaboration with Solvay and a 10-year exclusive agreement with VACUUMSCHMELZE to recycle 100% of magnet production by-products from VAC’s Sumter, South Carolina facility. It also recently added Lime Micromobility to its feedstock partner network, which it said includes several hundred companies supplying end-of-life materials.
Founded in 2021, Cyclic Materials said it has made initial commercial shipments of recycled Mixed Rare Earth Oxides to customers and is scaling its MagCycle and REEPure processes as it expands rare earth recycling capacity across North America, Europe, and Asia.
KEY QUOTES:
“This investment underscores the urgency of building a secure supply chain for rare earths that power the defense, AI and robotics revolution. The recycling of EOL products for magnet REEs recovery 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. It is a powerful vote of confidence our partners have in our ability to deliver on it,”
“With this new capital, we can rapidly deploy rare earths recycling infrastructure where it’s needed most, delivering local, secure supply at a pace traditional mining simply cannot match. Cyclic Materials is now ideally positioned to help restore North American global leadership in rare earth resources powering advanced manufacturing.”
Ahmad Ghahreman, CEO and Founder, Cyclic Materials
“As demand for rare earth elements accelerates across advanced manufacturing, electrification, AI and robotics, Cyclic Materials is addressing a critical supply challenge with a scalable and commercially grounded solution. Their ability to recover high-value materials from complex end-of-life products represents a compelling approach to strengthening domestic and allied supply chains. We are excited to support the team as they enter their next phase of growth,”
Vineet Khanna, Investment Analyst, T. Rowe Price
“This transaction positions Cyclic Materials to accelerate its research and development and fast-track the commercialization of its breakthrough technology here in Canada. By funding Cyclic Materials at this pivotal stage of growth, CGF is pleased to support Canada as it works to boost strategically important critical minerals processing capabilities in a key sector for the country’s economic future.”
Yannick Beaudoin, President and CEO, Canada Growth Fund Investment Management
