Cyclic Materials, an advanced metals recycling firm focused on creating vital materials, said today that it has raised $27 million in a Series A funding that was oversubscribed. Energy Impact Partners EIP and BMW i Ventures BiV led the investment, which also included Fifth Wall, Bioindustrial Innovation Canada BIC, and current Cyclic Materials partner Planetary Technologies. This round of funding boosts the company’s total capital received to more than $30 million and will help it scale up its technology.
Cyclic Materials, which was founded in 2021, is establishing a more sustainable, domestic supply chain for rare earth elements (REEs) and other metals through an innovative recycling process that re-circulates REEs back into the manufacturing process, reducing the environmental impact of the global energy transition. Because REEs are essential components of electric vehicle motors, wind turbines, and consumer and industrial appliances, they are vital to electrification and decarbonization.
Because of the difficulty in isolating the various magnetic components in end-of-life items, REEs are among the least recycled metals. However, with the worldwide demand for REEs expected to triple by 2030, finding new sources of REEs is important.
REE and metal recycling has numerous economic and environmental advantages over mining, including a quicker development timeframe, decreased reagent and water use, reduced waste, and a much lower carbon footprint. While additional mines are required to meet expected demand, establishing a domestic supply chain of high-quality REEs decreases the need for virgin material. Cyclic Materials’ patented technology enable them to recycle REEs from a wide range of end-of-life products at a low cost.
Furthermore, Cyclic Materials’ technology recycles copper, aluminum, steel, cobalt, and nickel, all of which are needed for electrification and decarbonization. Electric automobiles, for example, require 2.5 times the amount of copper as internal combustion vehicles.
Electric automobiles, for example, require 2.5 times the amount of copper as internal combustion vehicles. Copper is required for renewables, transmission and distribution infrastructure, and battery storage technologies in addition to electric vehicles.
Cyclic Materials has successfully developed pilot plants and distributed high-quality REE samples to prospective clients since its inception, secured supply chain agreements with internationally recognized companies, received funding from the Sustainable Development Technology Council of Canada, and received numerous industry awards.
Cyclic Materials is establishing a circular supply chain for rare earth elements and other electrifying materials.
Through its revolutionary technology, the company cheaply, sustainably, and domestically converts end-of-life products into precious raw materials used in the manufacture of electric vehicles, wind turbines, and motors for the devices we use every day.