News Briefs

Advanced metals recycler Cyclic Materials lands C$27m Series A

Energy Impact Partners and BMW i Ventures led the Series A financing.

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  • The round was also backed by new investors Fifth Wall and Bioindustrial Innovation Canada and existing investor Planetary Technologies
  • As a result of the Series A’s closing, Cyclic Materials’ funding now totals more than C$30 million
  • The round’s proceeds will contribute to the scale up of the company’s technologies

Cyclic Materials, a Kingston, Ontario-based advanced metals recycling company focused on producing critical materials, has raised C$27 million in Series A financing.

As a result of the Series A’s closing, Cyclic Materials’ funding now totals more than C$30 million.

Energy Impact Partners and BMW i Ventures led the Series A, with participation from new investors Fifth Wall and Bioindustrial Innovation Canada and existing investor Planetary Technologies.

Founded in 2021, Cyclic Materials is creating a more sustainable, domestic supply chain for rare earth elements (REEs) and other metals through a recycling process that re-circulates REEs back into the manufacturing process, reducing the environmental impact. REEs are critical to electrification and decarbonization as they are key components of electric vehicle motors, wind turbines and consumer and industrial appliances.

Since its founding, Cyclic has developed pilot plants and distributed high-quality REE samples to prospective clients and secured supply chain agreements, among other achievements.

The round’s proceeds will contribute to the scale up of the company’s technologies.

“We are very excited about this new funding and our new partnerships with EIP, BiV, Fifth Wall, and BIC, which will provide the capital required for the scale up of our technologies and help us plan our future growth in North America, Europe, and Asia,” said Ahmad Ghahreman, CEO and Co-founder of Cyclic Materials, in a statement. “With the support of our partners we intend to continue advancing the scale of our technologies in order to meet the rising demand for rare earth elements in the near future and enable a more sustainable future.”