Cyclic Materials, a company focused on building a circular supply chain for rare earth elements (REEs) and other critical materials, announced a $2 million investment from InMotion Ventures, the investment arm of Jaguar Land Rover (JLR).
This brings the company’s Series B round to $55 million, highlighting its role in advancing sustainable supply chains for the automotive industry, particularly electric vehicles (EVs).
REEs are essential components in permanent magnets, a key technology in EV motors and other applications. Despite their importance, less than one percent of REEs are currently recycled, while demand is projected to triple by 2030.
Cyclic Materials’ MagCycle and REEPure technologies focus on recycling REEs from end-of-life products to establish a circular supply chain for recycled Mixed Rare Earth Oxides (rMREOs). This process helps secure a sustainable source of critical materials needed for EV production.
InMotion Ventures’ investment aligns with a broader commitment to the circular economy, supporting technologies that enhance the automotive value chain, including recycling, re-use, and supply chain innovations for EVs.
This funding will help Cyclic Materials expand its operations across North America and Europe, enhance processing capabilities, and refine its recycling technologies to better support the growing demand for sustainable manufacturing.
This Series B extension builds on the company’s earlier $53 million round, supported by leaders like Microsoft, Hitachi, BMWi, and others, further cementing Cyclic Materials as a key partner in advancing circular solutions for the EV sector.
Filed Under: Technology News