BMW i Ventures co-leads investment in circular supply chain company Cyclic Materials; recycling rare earth elements
BMW i Ventures announced an investment in Canada-based Cyclic Materials, a circular supply chain company focused on recycling rare earth elements (REE) (earlier post). The $27-million Series A funding was led by BMW i Ventures (BiV) and Energy Impact Partners (EIP), and included participation from Fifth Wall, Bioindustrial Innovation Canada (BIC), and existing investor Planetary Technologies. The financing will be used to establish a hub and spoke network for the company’s commercial scale operations.
Founded in 2021, Cyclic Materials is working to create a sustainable, domestic supply chain for REE (and other metals such as copper, aluminum, steel, cobalt, and nickel) which are necessary for the energy transition and decarbonization.
As global market demand for REEs is forecasted to increase threefold by 2030, establishing new sources of REEs is critical. Cyclic Materials’ efficient, proprietary technologies cost-efficiently recycle these materials from a diverse supply of end-of-life products.
Since its founding, Cyclic Materials has successfully developed pilot plants and distributed high-quality REE samples to prospective clients, secured supply chain agreements with internationally recognized companies, obtained Sustainable Development Technology Council of Canada funding, and received multiple industry awards.