Cyclic Materials

Cyclic Materials has closed an over-subscribed US$75 million Series C round, its largest financing to date, to expand rare earth recycling operations across the United States and Europe while growing research in Canada. The raise brings total equity funding to more than US$162 million and supports deployment of recycling infrastructure as an alternative to mining for materials used in AI, defence, and electric vehicles.

Cyclic recovers rare earths from end-of-life magnets using a two-stage process that cuts emissions and water use. CEO Ahmad Ghahreman said recycling is the fastest path to secure Western supply, particularly for scarce heavy rare earths dominated by China.

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Cyclic Materials is putting Canada on the global cleantech map. The Toronto-based startup just landed on MIT Technology Review’s 2025 list of top 10 Climate Tech Companies to Watch—Canada’s sole representative.

Founded in 2021, Cyclic is tackling the rare earth recycling gap, where less than 1% of critical elements like Neodymium and Dysprosium are reused. The company is investing $34M to open a 140,000-square-foot recycling and R&D hub in Ontario by 2026. “We’re securing the most critical elements of the energy transition through circular innovation,” said CEO Ahmad Ghahreman.

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Toronto-based cleantech firm Cyclic Materials will invest $34 million to open North America’s first Centre of Excellence for rare earth recycling in Kingston, Ontario. Scheduled for early 2026, the 140,000-square-foot facility will combine full-scale commercial processing and advanced R&D.

The site will produce recycled rare earth oxide from 500 tonnes of magnet-rich feedstock annually using Cyclic’s proprietary REEPure℠ technology. CEO Ahmad Ghahreman says the centre will anchor the company’s commercial future. The project is expected to create 45 skilled jobs and is backed by partnerships with Solvay, Glencore, and several national innovation programs.

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Toronto-based Cyclic Materials, specializing in recycling rare earth elements, has secured an additional $2M from InMotion Ventures, Jaguar Land Rover’s investment arm, bringing its Series B funding to $55M.

Cyclic’s proprietary technologies, MagCycle and REEPure, create a circular supply chain for critical minerals, reducing CO₂ emissions and dependency on new mining. Rare earth elements are vital for EVs, wind turbines, and electronics, yet less than 1% are recycled.

CEO Ahmad Ghahreman emphasized expanding operations across North America and Europe, backed by partners like Microsoft, Hitachi, and BMWi. Total funding now exceeds US$80M.

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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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