Cyclic Materials has closed an oversubscribed USD $75 million Series C equity financing to expand rare earth recycling capacity supporting electric vehicle supply chains. The funding will be used to scale operations across the United States and Europe and to continue research and development activities in Canada.
Rare earth elements are a critical input for permanent magnets used in electric vehicle (EV) traction motors.
Recycling magnet-containing end-of-life products and magnet manufacturing scrap provides a faster pathway to producing magnet-grade rare earth elements in Western markets than developing new mining capacity, particularly for heavy rare earths that are limited in regional supply.
Cyclic Materials operates a two-stage physical separation and hydrometallurgical process to recover rare earth elements from end-of-life EV motors and magnet production waste. Recovered materials are returned to the magnet supply chain, reducing reliance on primary mining while improving supply resilience for electrified systems.
The new capital will support the expansion of rare earth recycling infrastructure in the US, with a focus on supplying materials required for EV powertrains and other electrified industrial applications. Investment will also support process development and intellectual property advancement at the company’s Center of Excellence in Kingston, Ontario.
Cyclic Materials reports recovery rates exceeding 98%, with lower water use and carbon intensity than conventional mining. Recycling facilities can be deployed more quickly than mining projects, shortening timelines for securing magnet-grade rare earth materials needed to support EV production growth.
In 2025, the company announced the launch of its first US processing facility in Mesa, Arizona, paired with a centralized processing hub and research center in Kingston, Ontario. The hub-and-spoke model supports regional feedstock collection while centralizing advanced processing and refining.
Cyclic Materials has also established long-term agreements with magnet manufacturers, including a partnership with VACUUMSCHMELZE to recycle magnet production by-products from its South Carolina facility, supporting localized supply chains for permanent magnet materials.
The funding round was led by accounts advised by T. Rowe Price Associates, with participation from existing investors and the Canada Growth Fund. Total equity funding raised by the company now exceeds USD $162 million. These developments position Cyclic Materials as a supplier of recycled rare earth materials for EVs, renewable energy systems, and advanced manufacturing, with an emphasis on supply security, scalability, and reduced environmental impact.
Filed Under: Batteries, Electric Motor, Technology News