Published by Todd Bush on April 26, 2023
KINGSTON, Ontario--(BUSINESS WIRE)--Cyclic Materials, an advanced metals recycling company focused on producing critical materials, today announced it has raised $27 million in an oversubscribed Series A financing. The round was led by Energy Impact Partners (EIP) and BMW i Ventures (BiV) and included participation from Fifth Wall, Bioindustrial Innovation Canada (BIC), and existing Cyclic Materials investor Planetary Technologies. This funding round brings the company’s total capital raised to over $30 million and will contribute to the scale up of its technologies.
>> In Other News: Dalrada Energy Services Signs Agreement with AKF Group for Clean Energy Efficiency Building Projects with an Estimated Value of More than $10 Million Annually
Founded in 2021, Cyclic Materials is creating a more sustainable, domestic supply chain for rare earth elements (REEs) and other metals through an innovative recycling process that re-circulates REEs back into the manufacturing process, reducing the environmental impact of the global energy transition. REEs are critical to electrification and decarbonization as they are key components of electric vehicle motors, wind turbines, and consumer and industrial appliances.
REEs are among the least recycled metals due to the difficulty of separating the various magnetic materials in end-of-life products. However, with the global market for REEs forecast to increase three-fold by 2030, establishing new sources of REEs is critical. REE and metal recycling has many economic and environmental benefits over mining such as a shorter development timeline, lower consumption of reagents and water, reduced waste, and a significantly smaller carbon footprint. While new mines are also necessary to meet projected demand, developing a domestic supply chain of high-quality REEs reduces the need for virgin material. Through its proprietary technologies, Cyclic Materials can cost-efficiently recycle REEs from a diverse supply of end-of-life products.
In addition, Cyclic Materials’ process recycles copper, aluminum, steel, cobalt, and nickel – metals that are also required for electrification and decarbonization. Electric vehicles, for example, require two and a half times as much copper as internal combustion vehicles. Beyond electric vehicles, copper is necessary for renewables, transmission & distribution infrastructure, and battery storage technologies.
Since its founding, Cyclic Materials has successfully developed pilot plants and distributed high-quality REE samples to prospective clients, secured supply chain agreements with internationally recognized companies, obtained Sustainable Development Technology Council of Canada funding, and received multiple industry awards.
“We are very excited about this new funding and our new partnerships with EIP, BiV, Fifth Wall, and BIC, which will provide the capital required for the scale up of our technologies and help us plan our future growth in North America, Europe, and Asia,” said Ahmad Ghahreman, CEO and Co-founder of Cyclic Materials. “With the support of our partners we intend to continue advancing the scale of our technologies in order to meet the rising demand for rare earth elements in the near future and enable a more sustainable future.”
"We are excited to back Ahmad and Cyclic Materials’ mission to develop domestic, circular supply chains for REEs and other critical metals," said Shayle Kann, Partner at EIP. "These metals are essential for electrification and recycling them has substantial economic and decarbonization benefits."
"REEs are critical for many applications from small electronics to large wind turbines but are very challenging to produce,” said Kasper Sage, Managing Director of BiV. “The Cyclic Materials team has developed a novel process that can create a sustainable, secondary supply source. We are excited about the company's plan to scale this technology, helping secure the metals supply chain of the future."
Cyclic Materials is creating a circular supply chain for rare earth elements and other materials critical to electrification.
Through its innovative technology, the company economically, sustainably, and domestically transforms end-of-life products into valuable raw materials that are essential to the production of electric vehicles, wind turbines, and motors for the electronics we use in our daily lives.
To learn more, visit cyclicmaterials.earth. Cyclic Materials is proudly based in Kingston, Ontario, Canada.
Contacts
Cyclic Materials
Phil Gaudreau
[email protected]
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue ⚡ Energy Department Removes Barriers for American Energy Producers, Unleashing Investment in Domestic Hydrogen 🛳️ MASH Makes Powers First Vessel Trial With Biofuel From a Carbon-...
Inside This Issue 🛢️ Conestoga Energy Completes Drilling of Class VI Carbon Capture & Sequestration Well, Advances Toward EPA Application 🏗️ How Microsoft and Sublime Systems Are Reinventing C...
Inside This Issue 💸 EDF Slams Repeal of 45V Hydrogen Credit, Citing $32Bn in Higher Household Energy Costs and Job Losses 🤝 Johnson Matthey to Sell Blue Hydrogen Business to Honeywell as Part of £...
The U.S. Department of Energy’s (DOE) Hydrogen and Fuel Cell Technologies Office today removed barriers for the American hydrogen industry by updating its 45VH2-GREET modeling tool. The latest vers...
NETL Patents New Process for Extracting Critical Resources from Coal Fly Ash at High Quantities
NETL researchers developed a new process for extracting economically and strategically vital rare earth elements (REE) and critical minerals (CM) from America’s coal fly ash at high quantities and ...
World’s First Plant That Captures CO2 From Air to Make Building Materials Opens
Aggregates produced using CO2 captured by Mission Zero Technologies ‘Direct Air Capture’ technology (Image courtesy of Mission Zero Technologies) A demonstration project that uses direct air captu...
Plug Power’s Georgia Hydrogen Plant Sets U.S. Production Record Using Plug Electrolyzer Technology
April 2025 Marks Industry-Leading Milestone with 300 Metric Tons of Liquid Hydrogen Produced WOODBINE, Ga., -- Plug Power Inc. (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions, ...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.