InMotion Ventures Fuels Cyclic Materials’ Rare Earth Recycling Revolution
In a strategic move that underscores the growing demand for sustainable supply chains, Cyclic Materials has secured a $2 million investment from InMotion Ventures, the venture capital arm of Jaguar Land Rover.
This funding extends the company’s Series B round to a substantial $55 million, cementing its role as a trailblazer in the recycling of rare earth elements (REEs).
Rare earth elements play an indispensable role in modern technologies, appearing in permanent magnets that power everything from electric vehicles (EVs) and wind turbines to smartphones and data centres. Despite their critical importance, less than 1% of REEs are recycled today. The global demand for these elements already outpaces supply and is projected to triple by 2030, creating an urgent need for innovative solutions.
Cyclic Materials is tackling this challenge head-on with its proprietary MagCycle℠ and REEPure℠ technologies. These advanced processes recycle REEs from end-of-life products, effectively establishing a circular supply chain for recycled Mixed Rare Earth Oxides (rMREOs). By doing so, the company not only addresses a pressing environmental issue but also creates economic opportunities within the burgeoning clean energy sector.
Building Circular Economies in North America and Europe
The fresh capital injection from InMotion Ventures will accelerate Cyclic Materials’ expansion across North America and Europe. With commercial facilities already operational in Kingston, Ontario, and more planned for the United States and Europe, the company is scaling its capabilities to meet global demand.
Ahmad Ghahreman, CEO of Cyclic Materials, expressed his enthusiasm for this pivotal partnership: “We are thrilled to welcome InMotion Ventures as a key investor, extending our Series B with an additional $2 million. Their investment highlights the surging importance of sustainable solutions in the automotive industry. We are honoured 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.”
InMotion Ventures’ Managing Director, Mike Smeed, echoed these sentiments: “Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements and critical materials. Their innovative technologies address a vital need for rare earth magnets recycling, supporting the automotive industry’s transition toward a cleaner and more resilient future.”
Rare Earth Elements
Rare earth elements are the unsung heroes of modern technology. These materials are essential for manufacturing powerful magnets used in electric motors, wind turbines, and a host of other high-tech applications. However, extracting REEs from the earth is resource-intensive and environmentally damaging, making recycling a far more sustainable alternative.
Cyclic Materials’ innovative approach focuses on recovering REEs from discarded products such as electric motors and electronics. Its MagCycle℠ technology efficiently extracts rare earth magnets from end-of-life products, while its REEPure℠ hydrometallurgical process refines these materials into high-purity oxides. Together, these technologies create a circular supply chain that reduces reliance on mining and mitigates environmental impact.
With the global market for REE-containing magnets forecasted to skyrocket by 2030, recycling solutions like those offered by Cyclic Materials are more critical than ever. The company’s efforts not only support the electrification of the global economy but also enhance the resilience of supply chains amid increasing geopolitical tensions over resource access.
A Vote of Confidence
This latest investment builds on an earlier $53 million raised during Cyclic Materials’ initial Series B round, which included contributions from industry heavyweights such as Microsoft, Hitachi, and BMW i Ventures. Additionally, specialised funds like ArcTern and Fifth Wall have also placed their confidence in the company’s vision.
Such high-profile backing underscores the broad recognition of Cyclic Materials’ potential to revolutionise the supply chain for critical materials. As global industries continue to pivot towards sustainability, companies that prioritise recycling and circular economies are becoming indispensable partners in the transition to cleaner technologies.
Driving Innovation
As the investment arm of Jaguar Land Rover, InMotion Ventures is no stranger to fostering ground-breaking technologies. The fund has a proven track record of supporting innovations that align with its commitment to sustainability and the circular economy. Past investments include Lyft, Ascend Elements, Circulor, and EV Energy, showcasing a diverse portfolio that spans climate tech, supply chain traceability, and battery recycling.
By adding Cyclic Materials to its roster, InMotion Ventures is not just investing in a company but in a vision for a cleaner, more sustainable future. This partnership aligns perfectly with JLR’s Open Innovation programme, which seeks to harness cutting-edge technologies to drive the automotive industry’s transformation.
Scaling for a Sustainable Future
Cyclic Materials’ rapid growth is a testament to the increasing recognition of the importance of recycling rare earth elements. Since its founding in 2021, the company has made significant strides in developing and deploying its technologies. Its facilities in Kingston, Ontario, serve as a blueprint for future expansion, demonstrating the feasibility of commercial-scale rare earth recycling.
Looking ahead, the company plans to expand its operations across Asia, Europe, and North America, further solidifying its position as a leader in the circular economy. With a robust pipeline of projects and strong industry backing, Cyclic Materials is well on its way to transforming how critical materials are sourced and utilised.
A Positive Outlook for Sustainability
In an era where sustainability is no longer optional but essential, Cyclic Materials stands out as a beacon of innovation. By addressing the urgent need for rare earth recycling, the company is not only helping industries reduce their environmental footprint but also paving the way for a more resilient and sustainable global economy.
With the support of forward-thinking investors like InMotion Ventures, the future of critical materials looks brighter than ever. This partnership is more than just a financial transaction—it’s a step toward creating a world where technology and sustainability go hand in hand.
