Cyclic Materials sees series B funding round for rare earth recycling total $55 million
February 12, 2025
Cyclic Materials, Kingston, Ontario, Canada, has received $2 million from InMotion Ventures, Jaguar Land Rover’s (JLR) investment arm, bringing its total Series B funding round to $55 million. The company intends to use the funds to expand North American and European operations, enhance processing capabilities, and refine its technologies.
“We are thrilled to welcome InMotion Ventures as a key investor, extending our Series B with an additional $2 million,” stated Ahmad Ghahreman, CEO of Cyclic Materials. “Their investment highlights the surging importance of sustainable solutions in the automotive industry. We are honoured to have one of the UK’s most active corporate funds as partners as we deploy our rare earth recycling infrastructure across North America and Europe.”
Rare Earths Elements (REEs) are an essential component in permanent magnets, found in everything from data centres and wind turbines to cell phones, electric vehicles, and power tools. Despite their current significance and the growing global demand, less than 1% of REEs are currently recycled. Cyclic Materials aims to increase this percentage via its proprietary MagCycle and REEPure technologies, which can recycle REEs from a wide range end-of-life products, thus establishing a circular supply chain for recycled Mixed Rare Earths Oxides (rMREOs).
The fund has invested in a range of technologies across the global value chain, including supply chain traceability, battery repair, re-use and recycling and now, rare earth magnets recycling.
“Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements and critical materials” added Mike Smeed, Managing Director at InMotion Ventures. “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.”
This Series B funding is backed by global industry leaders like Microsoft, Hitachi, BMWi and specialised funds ArcTern and Fifth Wall. Together, these investments are said to position Cyclic Materials as a key partner for companies seeking sustainable and circular supply chain solutions.
