Cyclic Materials Raises $75M for Rare-Earth Recycling

Canada-based Cyclic Materials closed a US$75 million Series C round to scale rare-earth recovery and expand operations across North America and Europe.

The company deploys proprietary magnet-removal processes to extract heavy and light rare-earth elements from hard drives, electric vehicles and other end-of-life electronics. Leadership says the funding will accelerate commercial rollout, build recycling hubs and spokes in strategic locations, and advance R&D at a new Center of Excellence in Kingston, Ontario.

CEO Ahmad Ghahreman framed the investment as a response to urgent supply-chain risks for materials used in defense, AI, robotics and advanced manufacturing, noting recycling can create a resilient source of heavy rare earths outside China. Canada Growth Fund’s investment arm contributed US$25 million to the round. Cyclic has now raised about US$162 million to date and plans further site development, intellectual-property work and scaling of its Mesa, Arizona spoke and Kingston hub projects to support domestic industrial demand.