Cyclic Materials has successfully closed a $75 million Series C equity funding round, positioning the company to significantly scale its rare earth element (REE) recycling operations across the United States and Europe. The investment will also accelerate the expansion of its research and development facilities in Canada.
Expanding Recycling Infrastructure for Critical Materials
The newly secured capital is earmarked for deploying localized recycling infrastructure. This infrastructure will process end-of-life scrap and waste from magnet production that contains rare earth elements. The company specializes in producing magnet REEs, including heavy rare earth elements, which are less commonly sourced from Western mining operations. Cyclic Materials states that this funding will hasten the deployment of these vital recycling facilities.
Focus on North American Market and Global Expansion
Cyclic Materials indicated that the investment will primarily support the commercial rollout of its technologies and facilitate global expansion, with a significant emphasis on addressing the needs of the North American market. The company aims to bolster the supply chain for critical raw materials essential for high-performance permanent magnets.
Advanced Recycling Technology Promises Environmental Benefits
The company employs a two-stage process, combining physical and hydrometallurgical techniques, to recover rare earth elements from discarded products and manufacturing waste. Cyclic Materials claims its proprietary technology offers substantial environmental advantages, including a 61.2% reduction in carbon footprint and a 95% decrease in water consumption compared to traditional mining. Furthermore, the recovery rates for rare earth elements reportedly exceed 98%.
Faster Deployment Than Traditional Mining
Cyclic Materials also highlights that its recycling infrastructure can be deployed years ahead of conventional mining projects. This rapid deployment capability, coupled with its high recovery rates, positions the company’s system as a crucial pathway for supplying the heavy rare earths vital for advanced permanent magnets used in various high-tech applications.
Diverse Applications for Recovered Rare Earths
The company’s proprietary technologies are designed to economically and sustainably recover critical raw materials from a range of end-of-life products. These include electric vehicle motors, wind turbines, MRI machines, and electronic waste from data centers. Cyclic Materials connects the growing demand for these recovered feedstocks to the rapid expansion of e-mobility and other systems reliant on permanent magnets.
The company’s facility in Mesa, Arizona, represents the first commercial-scale plant in the US dedicated to recycling and producing rare earths, with a specific focus on both heavy and light rare earth magnets.