Toronto-based Cyclic Materials has cracked MIT Technology Review’s 2025 Climate Tech Companies to Watch list.
Cyclic Materials is the first and only Canadian company to make the list since its inception.
Now in its third year, the annual list highlights “the most promising” companies tackling climate change on the planet. Cyclic Materials, which helps recycle critical minerals in electronics, is the first and only Canadian company to make the list since its inception. It joins firms like Chinese battery maker HiNa Battery Technology, Swedish low-emission cement company Cemvision, and American gene-editing agriculture firm Pairwise.
For its annual list, MIT Technology Review says it looks for “companies with the potential to substantially drive down greenhouse gas emissions or deliver products that could help communities meaningfully reduce the dangers of heatwaves, droughts, or other extreme weather.” From there, the publication narrows its selections down to those with an established track record of things like raising capital, building plants, or delivering products.
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: Amazon’s Climate Pledge Fund joins Cyclic Materials’ extended Series B round
Cyclic Materials has raised $57 million USD in Series B funding over the past year, and counts Microsoft among the round’s initial backers. Cyclic re-opened the round to welcome investment from Amazon’s Climate Pledge Fund and InMotion Ventures.
In April, Cyclic invested $20 million USD of that money into its first commercial facility in Arizona. In June, it invested another $25 million USD to establish a Centre of Excellence for Rare Earth Recycling in Kingston, Ont. The facility will serve as Cyclic’s industrial and innovation backbone, featuring full-scale commercial processing and a research and development hub.
MIT Technology Review is an independent media company founded at the Massachusetts Institute of Technology in 1899. The publication examines the commercial, social, and political impacts of technology.
Feature image courtesy Cyclic Materials.