REEs are essential for producing magnets used in electric vehicles, wind turbines, data centers, and smartphones. Despite their importance, less than 1% of REEs are currently recycled, while global demand is expected to triple by 2030. Cyclic Materials’ proprietary MagCycle℠ and REEPure℠ technologies recover REEs from end-of-life products, providing a sustainable source of recycled Mixed Rare Earth Oxides (rMREOs).
InMotion Ventures’ investment highlights its focus on circular economy solutions, adding rare earth magnet recycling to its portfolio of projects in supply chain traceability, battery reuse, and recycling.
Ahmad Ghahreman, CEO of Cyclic Materials -
“We are thrilled to welcome InMotion Ventures as a key investor. Their support emphasizes the importance of sustainable solutions in the automotive sector. With this investment, we will expand our recycling infrastructure across North America and Europe.”
“Cyclic Materials is leading the way in rare earth recycling,” added Mike Smeed, Managing Director at InMotion Ventures. “Their technology supports the automotive industry’s shift to a cleaner, more resilient future.”
This funding will help Cyclic Materials scale operations, improve processing capabilities, and enhance its advanced recycling technologies. It builds on the company’s earlier $53 million Series B funding, backed by Microsoft, Hitachi, BMWi, ArcTern, and Fifth Wall.
Founded in 2021, Cyclic Materials develops innovative technologies to recycle REEs and other critical materials from end-of-life products. The company launched its first commercial demonstration facility in 2023, using its MagCycle℠ process to recover rare earth magnets. A second facility, opened in 2024 in Kingston, Ontario, employs its REEPure℠ hydrometallurgical technology to produce recycled rare earth oxides.
With the global demand for REE-containing magnets set to surge by 2030, Cyclic Materials is scaling its operations across North America, Europe, and Asia to meet this critical need and support the clean energy transition.
