Cyclic Materials receives investment from automaker affiliate

Cyclic Materials, a Toronto-based company that has developed technology designed to harvest rare earth elements (REEs) from end-of-life material streams, has received a $2 million investment from InMotion Ventures.

InMotion is the United Kingdom-based investment arm of Jaguar Land Rover (JLR), a subsidiary of India-based Tata Motors.

According to Cyclic, the $2 million inflow means its Series B funding round has now raised $55 million.

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The Canadian firm refers to REEs as an essential component in permanent magnets, which are found in everything from data centers and wind turbines to cell phones, electric vehicles and power tools. Cyclic says currently less than 1 percent of REEs are recycled, while global demand already exceeds supply and is projected to grow threefold by 2030.

The recycling technology company says its MagCycle and REEPure technologies can extract REEs from a wide range of end-of-life products, establishing a circular supply chain for recycled mixed rare earth oxides.

“We are thrilled to welcome InMotion Ventures as a key investor, extending our Series B with an additional $2 million,” Cyclic Materials CEO Ahmad Ghahreman says. “Their investment highlights the surging importance of sustainable solutions in the automotive industry. We are honored to have one of the U.K.’s most active corporate funds as partners as we deploy our rare earth recycling infrastructure across North America and Europe.”

Cyclic Materials says the investment will help it expand its operations in North America and Europe, including efforts tied to supply chain traceability, battery repair, reuse, recycling and rare earth magnet recycling.

According to Cyclic, InMotion Ventures also has invested in Massachusetts-based battery materials recycling firm Ascend Elements and London-based recycling supply tracking platform Circulor.

“Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements and critical materials," InMotion Managing Director Mike Smeed says. "Their innovative technologies address a vital need for rare earth magnets recycling, supporting the automotive industry’s transition toward a cleaner and more resilient future.”