Cyclic Materials has raised $75 million in strategic growth financing to accelerate U.S. rare earth recycling and production infrastructure. Accounts advised by T. Rowe Price Associates led the round, which brings Cyclic Materials’ total equity funding to $237 million.
ERI joined as a new strategic investor following a partnership between the companies.
Cyclic Materials plans to use the financing to expand its Hub-and-Spoke infrastructure across the U.S. and develop an integrated rare earth recycling campus in South Carolina.
The South Carolina facility is scheduled to break ground during the fourth quarter of 2026.
It will complement an Arizona magnet separation and critical mineral recycling plant expected to begin operations during the third quarter of 2026.
Cyclic’s technology recovers rare earth materials from products and manufacturing scrap and converts them into high-purity rare earth oxides used in permanent magnets.
Applications include AI, semiconductors, robotics, defense, automotive, energy and medical equipment.
Existing investors include Energy Impact Partners, Microsoft, Amazon, BMW i Ventures, Jaguar Land Rover and Hitachi Ventures.
KEY QUOTE:
“This additional capital will enable us to move faster in South Carolina and across the U.S., accelerate the expansion of our Hub-and-Spoke network, produce more rare earths and critical minerals domestically and return them to American manufacturing.”
Ahmad Ghahreman, Founder And CEO Of Cyclic Materials
