Cyclic Materials Raises $75M Series C to Expand Rare Earth Recycling Operations in North America and Europe
Cyclic Materials has secured $75 million in Series C funding to expand its rare earth recycling operations in North America and Europe, bringing total equity funding to over $162 million. The investment, led by T. Rowe Price Associates and supported by the Canada Growth Fund, will enhance the company's infrastructure and R&D efforts, including a new Center of Excellence in Ontario and a Spoke project in Arizona. The initiative aims to meet rising demand from sectors like AI and defense while promoting environmentally sustainable practices.
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Cyclic Materials has closed a $75 million Series C funding round, the largest to date, aimed at scaling up rare earth recycling operations in the U.S. and Europe while enhancing its research and development in Canada. The financing was led by T.
Rowe Price Associates and supported by the Canada Growth Fund, bringing total equity funding to over $162 million. The company focuses on recycling end-of-life scrap and production waste to provide rare earth elements, particularly heavy rare earths, primarily sourced locally.
The funding will facilitate the rapid expansion of recycling infrastructure across North America, meeting increasing demand from sectors such as AI, robotics, and defense. Cyclic Materials plans to enhance its operations with a new Center of Excellence in Kingston, Ontario, and has initiated its first Spoke project in Mesa, Arizona, in 2025. The company emphasizes its environmentally sustainable practices, achieving significant reductions in carbon footprint and water usage compared to traditional mining.
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