Cyclic Materials secures $75M to build rare earths recycling infrastructure

Toronto-based Cyclic Materials has announced the close of a $75 million Series C equity round—its largest to date—scaling up operations across the United States and Europe and accelerating its Canada-based research and development footprint.

The funding round was led by accounts advised by T. Rowe Price Associates Inc., alongside continued support from existing shareholders and additional participation from the Canada Growth Fund (CGF).

RELATED: Cyclic Materials expands rare earth recycling partnership

With this fundraise, Cyclic says its total equity funding has surpassed $162 million. The company notes it is accelerating its commercial rollout and is preparing for global expansion, with a substantial focus on addressing North American market needs.

The company says the new capital will fuel the ongoing rapid expansion of rare earth element (REE) recycling infrastructure across the U.S., enabling a resilient and secure locally sourced supply of critical materials increasingly required by AI data centers, robotics, defense and next-generation industrial systems.

Additionally, Cyclic says funding will support the continued development of intellectual property at its newly built Center of Excellence in Kingston, Ontario, to further establish its place in the REE supply chain and to support its vertical integration with the magnet supply chain and growth of its team globally.

“This investment underscores the urgency of building a secure supply chain for rare earths that power the defense, AI and robotics revolution,” Cyclic founder and CEO Ahmad Ghahreman says. “The recycling of end-of-life 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.”

Cyclic claims its technology delivers “clear advantages” over traditional mining, including a 61.2 percent reduction in carbon footprint, water use cut to 5 percent of what mining requires and recovery rates that exceed 98 percent. The company adds that its technologies can recover critical raw materials from end-of-life EV motors, wind turbines, MRI machines and data center electronic scrap.

As part of its strategy to scale its North American footprint, Cyclic announced in the spring of 2025 the start of its first “spoke” project in Mesa, Arizona, supporting the rapid scale-up of a domestic REE supply for U.S. manufacturers. The facility is paired with the establishment of Cyclic’s first “hub” project and Center of Excellence in Kingston.