Ontario-based recycling company Cyclic Materials, which aims to create a circular supply chain for rare earth elements (REEs) announced Thursday a $2 million investment from InMotion Ventures, the investment arm of Jaguar Land Rover, lifting the company’s Series B round to $55 million.  

REEs are an essential component in permanent magnets, which are found in data centers, wind turbines, cell phones, electric vehicles, and used in military applications.  

Less than 1% of REEs are currently recycled, while the global demand already exceeds supply and is projected to grow threefold by 2030, Cyclic Materials said. 

The company said its proprietary MagCycle and REEPure technologies address this demand by recycling REEs from a wide range end-of-life products, establishing a circular supply chain for recycled mixed rare earths oxides. 

“The investment highlights the surging importance of sustainable solutions in the automotive industry, Cyclic Materials CEO Ahmad Ghahreman said in a news release. “We are honored to have one of the UK’s most active corporate funds as partners as we deploy our rare earth recycling infrastructure across North America and Europe.” 

With this investment, Cyclic Materials said it will accelerate the expansion of its operations across North America and Europe, enhance processing capabilities, and refine its cutting-edge recycling technologies. 

This Series B extension builds on Cyclic Materials’ earlier $53 million round, backed by global industry leaders Microsoft, Hitachi, BMWi and specialized funds ArcTern and Fifth Wall. 

Source: MINING.COM – Read More