Toronto-based Cyclic Materials has extended its Series B round for a second time to bring Amazon’s Climate Pledge Fund into the fold.
Cyclic initially raised a $71-million CAD ($53-million USD) all-equity round led by Toronto-based cleantech investor ArcTern Ventures in September 2024 to expand its rare earth recycling infrastructure in the United States (US) and Europe. Cyclic re-opened the round this past January to accept a $2 million USD investment from InMotion Ventures, the investment arm of luxury car maker Jaguar Land Rover.
Microsoft participated in the initial round close through its own Climate Innovation Fund.
Amazon’s Climate Pledge Fund, which aims to support climate technology companies with “the most potential to help Amazon and others reach net‑zero carbon emissions by 2040,” joined the round through a second extension earlier this month. Cyclic Materials declined to disclose the amount of Amazon’s investment.
Cyclic co-founder and CEO Ahmad Ghahreman said in a statement that Amazon’s investment reflects the competitiveness of their proprietary technology, and reiterated that the investment would support its expansion in the US and Europe.
Founded in 2021, Cyclic Materials has developed a supply chain aimed at sustainably recovering rare earth elements from electric vehicle motors, wind turbines, MRI machines, and electronic waste from data centres. The company’s goal is to create a circular supply chain by taking landfill-bound products and recovering their critical metals through its magnet recycling processes.
RELATED: Microsoft among corporate investors backing Cyclic Materials’ $71-million CAD Series B
“Cyclic’s process enables higher recovery rates of rare earth elements from products like hard drives, converting them into secondary raw materials to manufacture new products,” Amazon Climate Pledge Fund principal Nick Ellis said in a statement. “We’re excited to support Cyclic as they scale their business to meet growing global demand from data center customers and others.”
Some of the initial investors in Cyclic’s Series B round include BDC Capital’s Climate Tech Fund, Hitachi Ventures, Zero Infinity Partners, Climate Investment, and Microsoft through its own Climate Innovation Fund. Prior to Amazon’s undisclosed investment, the Series B round brought Cyclic Materials’ total funding to date to approximately $114 million CAD.
Cyclic Materials was one of many companies that made a return appearance on this year’s Global Cleantech 100 list. The list is meant to showcase private cleantech companies globally that are predicted to make a substantial impact on the market in the next five to 10 years. British Columbia-based electric vehicle battery repurposing startup Moment Energy, which did not return to the Global Cleantech 100 after making the cut last year, raised a $21.5-million CAD Series A round co-led by Amazon’s Climate Pledge Fund this past January.
Feature image courtesy Cyclic Materials.