News and Articles

• Recycling of magnet waste offers fast access to rare earths in Western markets
• Cyclic Materials uses a two stage process to recover rare earths from end of life products
• The company has raised over USD 162 million to expand North American operations
• New facilities in the US and Canada support local and secure supply chains
• Partnerships across the magnet and mobility sectors strengthen feedstock access

Recycling magnet containing end of life scrap and magnet production waste is emerging as the fastest route to securing rare earth elements in Western economies. Unlike conventional mining, this pathway offers direct access to heavy rare earths, which are scarce in Western mineral deposits and remain concentrated in a limited number of global supply regions. As demand rises from advanced manufacturing, defense systems, electric mobility, and digital infrastructure, recycling based supply is gaining strategic importance.

Cyclic Materials has positioned itself at the center of this shift by developing a recycling platform that converts discarded products and manufacturing waste into usable rare earth elements. The company operates a two stage process combining physical separation with hydrometallurgical recovery, allowing rare earths to be extracted efficiently from complex waste streams. This approach interrupts material loss, reduces reliance on primary extraction, and builds a circular supply chain aligned with industrial growth in AI, robotics, and electrification.

The company recently closed a major funding round led by accounts advised by T. Rowe Price Associates, with continued backing from existing investors and participation from the Canada Growth Fund. With this raise, Cyclic Materials’ total equity funding has crossed USD 162 million. The capital marks a turning point as the company moves deeper into commercial deployment and prepares for wider international expansion, with a strong focus on North America.

The new funding will be used to accelerate the build out of rare earth recycling infrastructure across the United States. This expansion aims to create a secure, locally sourced supply of critical materials needed for AI data centers, robotics systems, defense platforms, and next generation industrial equipment. Compared with mining, recycling facilities can be brought online much faster, reducing supply risk in sectors where material shortages can slow innovation and deployment.

Investment will also support the expansion of Cyclic Materials’ research capabilities at its Center of Excellence in Kingston, Ontario. The facility plays a key role in strengthening intellectual property, advancing process efficiency, and supporting deeper integration with the magnet manufacturing value chain. Alongside technology development, the company continues to grow its global team to support operations, partnerships, and scale-up activities.

From an environmental and operational standpoint, the recycling process offers clear advantages. Compared with traditional mining, Cyclic Materials reports a reduction of more than sixty percent in carbon emissions, water use limited to a small fraction of mining requirements, and recovery rates exceeding ninety eight percent. These factors make recycling not only faster to deploy but also more predictable and lower risk as a source of critical materials, especially heavy rare earths used in high performance permanent magnets.

The company’s technology is designed to recover materials from a wide range of end of life sources including electric vehicle motors, wind turbines, MRI machines, and data center electronic waste. These streams are becoming increasingly important as digital infrastructure and electrified transport scale rapidly. Since its Series B round, Cyclic Materials has expanded its North American footprint and begun anchoring supply closer to end users.

In spring 2025, the company launched its first Spoke project in Mesa, Arizona, marking the start of its US based recycling network. This facility is linked to the company’s first Hub project and Center of Excellence in Kingston, forming the backbone of its regional supply strategy. Momentum has been reinforced through partnerships with industrial players, including a long term agreement to recycle all magnet production by products from a new manufacturing facility in South Carolina and collaborations that strengthen access to both light and heavy rare earths.

Cyclic Materials has also expanded its feedstock network by working with companies that generate large volumes of end of life equipment, including a partnership with Lime Micromobility. With hundreds of suppliers contributing material, the company is building a closed loop system designed to support long term industrial demand. Together, these developments position Cyclic Materials as a key supplier in an industrial transition driven by AI, defense, robotics, and electrified systems, delivering rare earth materials locally with speed and security.