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InMotion Ventures invests $2M in Cyclic Materials, extending Series B to $55M

Cyclic Materials, a recycling company building a circular supply chain for Rare Earth Elements and other critical materials (earlier post), announced a $2-million investment from InMotion Ventures, the investment arm of Jaguar Land Rover (JLR). This latest backing lifts the company’s Series B round to $55 million.

Rare Earths Elements (REEs) are an essential component in permanent magnets, which are found in everything from data centers and wind turbines to cell phones, electric vehicles, and power tools. Despite their significance, 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’ 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 (rMREOs).

This investment aligns with InMotion Ventures’s commitment to the circular economy. The fund has invested in a range of technologies across the global value chain, including supply chain traceability, battery repair, re-use and recycling and now, rare earth magnets recycling.

With this investment, Cyclic Materials 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 such as Microsoft, Hitachi, BMWi and specialized funds ArcTern and Fifth Wall.

In 2023, Cyclic Materials commissioned a commercial demonstration facility of the first stage of its process to recover rare earth magnets from end-of-life materials. In 2024, Cyclic Materials opened a second commercial demonstration facility, for the second stage of its process, in Kingston, Ontario where Mixed Rare Earth Oxide is produced using its proprietary hydrometallurgical technology. With the global market for magnets containing REEs forecasted to increase dramatically by 2030, establishing new sources of these critical materials is vital to support the electrification of the global economy. Cyclic Materials is scaling its technology across North America, Europe, and Asia.

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