Cyclic Materials, an advanced recycling company leading the charge in building a circular supply chain for Rare Earth Elements (REEs) and other critical materials, has secured a $2 million investment from InMotion Ventures, the investment arm of Jaguar Land Rover (JLR). This new investment extends the company’s Series B round to $55 million, marking a significant milestone in Cyclic Materials’ mission to reshape the future of sustainable supply chains for the automotive industry and beyond.
Rare Earth Elements: Essential Yet Underused
Rare Earth Elements (REEs) are crucial for a variety of high-tech applications, including the production of permanent magnets used in electric vehicles, wind turbines, cell phones, power tools, and data centres. Despite their indispensable role in modern technology, less than 1% of REEs are currently recycled, which has led to a growing global supply-demand gap. This gap is expected to widen dramatically as the demand for REEs triples by 2030. Cyclic Materials is responding to this urgent need by recycling REEs from an array of end-of-life products, developing a circular supply chain for Mixed Rare Earth Oxides (rMREOs) through its proprietary MagCycle℠ and REEPure℠ technologies.
The innovative technologies developed by Cyclic Materials offer a solution to the looming REE shortage while simultaneously supporting environmental sustainability. By recovering valuable materials from waste streams, Cyclic Materials is contributing to the reduction of mining and the preservation of natural resources.
Building Sustainable Partnerships for a Cleaner Future
InMotion Ventures’ investment further strengthens its ongoing commitment to supporting the circular economy. The fund has previously backed numerous pioneering technologies that address various facets of the global value chain, including supply chain traceability, battery repair, reuse, recycling, and now rare earth magnets recycling.
“We are delighted to welcome InMotion Ventures to our Series B investment round,” commented Ahmad Ghahreman, CEO of Cyclic Materials. Their support underscores the critical importance of sustainable solutions in the automotive industry and beyond. We look forward to working alongside one of the UK’s most active corporate funds as we expand our rare earth recycling infrastructure across North America and Europe.”
The automotive sector’s transition towards electrification has placed significant pressure on the availability of REEs, particularly for the production of electric vehicles. By securing this investment, Cyclic Materials will play an integral role in helping the industry meet its sustainability goals while also ensuring a reliable and circular supply of critical materials.
Expanding Capabilities and Paving the Way for Circular Supply Chains
With the new funding, Cyclic Materials will accelerate its operational expansion across North America and Europe. The company plans to enhance its recycling and processing capabilities, bringing its cutting-edge technologies to more regions and increasing its capacity to meet the surging demand for recycled REEs. These advancements are crucial for the growth of a sustainable, closed-loop supply chain that can meet the needs of industries dependent on rare earth materials.
This extension of Cyclic Materials’ Series B funding builds on a $53 million round previously secured, which saw investment from global industry giants such as Microsoft, Hitachi, BMWi, and specialist funds ArcTern and Fifth Wall. These investments position Cyclic Materials as a key partner for companies seeking to embrace sustainable and circular supply chain solutions.
