Canada-based Cyclic Materials has closed another equity round of funding on its path to expanding access to critical minerals across North America.
The company secured US$75 million in a Series C funding round aimed at accelerating its operations across the US and Europe, as well as progressing research and development in Canada. The company’s proprietary magnet-removal processes recover rare-earth elements from hard drives, electric vehicles and other devices.
Ahmad Ghahreman, CEO and founder of Cyclic Materials, said the raised capital “underscores the urgency of building a secure supply chain for rare earths that power the defense, AI and robotics revolution.”
He added that recycling end-of-life products for rare-earth element recovery will build a more “resilient” supply chain and create a “viable source of heavy rare earths outside China.”
Rare earths are used in advanced manufacturing, consumer electronics and IT equipment, with China the largest supplier in the global market. The new injection will allow Cyclic Materials to build a rare earths recycling infrastructure in strategic locations, outpacing traditional mining and boost domestic supply markets.
In addition to expansion efforts, part of the capital raised will support the development of intellectual property at Cyclic Materials’ newly built Center of Excellence in Kingston, Ontario, the company said.
As part of its Series B funding round, the company announced its first Spoke project in Mesa, Arizona, in Spring 2025 to scale domestic rare-earth supply for US advanced manufacturing. This coincided with the launch of Cyclic’s first Hub project in Kingston, Ontario.
Yannick Beaudoin, president and CEO of Canada Growth Fund (CGF) Investment Management, commented on the transaction, saying that “By funding Cyclic Materials at this pivotal stage of growth, CGF is pleased to support Canada as it works to boost strategically important critical minerals processing capabilities in a key sector for the country’s economic future.” CGF contributed US$25 million to the $75 million round.
To date, Cyclic has drawn funds of US$162 million, with future goals to further its commercial rollout and global expansion, with “a substantial focus on addressing North American market needs,” according to the company.
