Cleantech company Cyclic Materials announced today that the company has closed a $75 million USD (nearly $103 million CAD) Series C equity round, its largest fundraising round to date.
The Toronto-based company, which specializes in recycling end-of-life products like magnet production waste, magnet-containing end-of-life scrap, and other end-of-life products to recover rare earth elements, saw the funding round led by accounts advised by T. Rowe Price, support from existing shareholders, and participation from the Canada Growth Fund.
âAs demand for rare earth elements accelerates across advanced manufacturing, electrification, AI, and robotics, Cyclic Materials is addressing a critical supply challenge with a scalable and commercially grounded solution.â
Vineet Khanna, T. Rowe Price.
With Cyclicâs total equity funding now surpassing $162 million USD, the company said in a release that Series C dollars will go towards scaling the companyâs operations across the US and Europe while accelerating its Canada-based research and development footprint.
Access to heavy rare earth elements are often not commonly available in traditional mining deposits in the Western world. Cyclic Materialsâ operation of physical and hydrometallurgical recycling technologyâmeaning technology that extracts metals with water-based solutionsâprovides a source of supply. At the same time, it disrupts waste streams, allowing materials to be used in the rapid growth of a variety of industries, from AI and robotics to defence and electric vehicles. Capital from this most recent round will help it expand that infrastructure across the US.
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âAs demand for rare earth elements accelerates across advanced manufacturing, electrification, AI, and robotics, Cyclic Materials is addressing a critical supply challenge with a scalable and commercially grounded solution,â said Vineet Khanna, an investment analyst at T. Rowe Price, in a press release.
Additionally, funding earmarked for research and development will be used to support intellectual property development work at Cyclic Materialsâ Kingston, Ont.-based Center of Excellence.
âWith this new capital, we can rapidly deploy rare earths recycling infrastructure where itâs needed most, delivering local, secure supply at a pace traditional mining simply cannot match,â said Ahmad Ghahreman, CEO and founder of Cyclic Materials.
Photo courtesy of Cyclic Materials.