Toronto-based Cyclic Materials, an advanced recycling company focused on rare earth elements (REEs), has closed an oversubscribed USD $53 million Series B equity round. Led by ArcTern Ventures, the round included new investors like BDC Capital’s Climate Tech Fund and Microsoft’s Climate Innovation Fund.
The company will use the capital to expand its recycling infrastructure in the US and Europe, reducing the environmental impact of rare earth recovery. CEO Ahmad Ghahreman emphasized the importance of sustainability in the clean energy transition. Cyclic Materials aims to re-establish North American and European leadership in rare earth recycling.
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