Cyclic Materials

Overview

Cyclic Materials is a Canadian cleantech company specializing in the recycling of rare earth elements (REEs), particularly from end-of-life products like electric vehicle motors and wind turbines. Founded in 2021 by Ahmad Ghahreman and Patrick Nee, the company is headquartered in Toronto, Ontario, Canada. As of 2024, Cyclic Materials has raised approximately $83 million over multiple funding rounds, with significant investments from industry leaders including BMW i Ventures, Microsoft’s Climate Innovation Fund, and ArcTern Ventures. The company is committed to creating a circular supply chain for REEs, aiming to reduce environmental impact and resource dependency.

Recent Developments

September 2024: Cyclic Materials raised $53 million in a Series B funding round led by ArcTern Ventures, reaching over $83 million in total equity capital. This funding will accelerate their expansion into the US and Europe, enhancing their recycling infrastructure to support the clean energy transition.
August 2024: The company signed a strategic partnership with SYNETIQ, a UK-based vehicle recycling firm, to enhance the recycling of rare earths from electric and hybrid vehicle motors.
Summer 2024: Successfully piloted the CC360™ technology in partnership with major electronics recyclers, focusing on recovering REEs from hard drives.
Spring 2024: Launched their first commercial demonstration facility in Kingston, Ontario, with the capacity to process 100 tonnes of rare earth elements annually.
March 2024: Microsoft’s Climate Innovation Fund made a strategic investment in Cyclic Materials, supporting their development of a circular economy for rare earth elements.

This period of rapid growth and investment highlights Cyclic Materials' strategic efforts to position itself as a leader in the rare earth element recycling industry.

Attribute	Information
Founding Date	2021
Headquarters	Toronto, Ontario, Canada
Founders	Ahmad Ghahreman, Patrick Nee
Revenue	Not publicly disclosed
Profits	Not publicly disclosed
Key Investors	ArcTern Ventures, BMW i Ventures, Microsoft’s Climate Innovation Fund
Industry	Environmental Services (B2B)
Number of Employees	45

Early History

Cyclic Materials was established in the fall of 2021 in response to the growing demand for sustainable and domestic sources of rare earth elements critical for various modern technologies. Early on, the company focused on developing proprietary technologies, such as Mag-Cycle™ and REEPure™, to efficiently recover these elements from end-of-life products. By fall 2022, they completed initial production runs, proving their technology's effectiveness. This foundation laid the groundwork for Cyclic Materials to secure significant funding and forge partnerships with key industry players and investors, allowing them to scale their operations.

Company Profile and Achievements

Cyclic Materials operates by utilizing its patented recycling processes, Mag-Cycle™ (Spoke) and REEPure™ (Hub), to extract and purify rare earth elements from various waste streams. This innovative approach addresses the environmental impacts associated with traditional mining. The company's commitment to a circular economy model has gained recognition, including being named the "2024 Early-Stage Company of the Year."

Significant milestones include:

Launching the Mag-Cycle™ pilot in summer 2023 with a processing capacity of 8,000 tonnes per year.
Opening the REEPure™ commercial demonstration facility in spring 2024.
Forming strategic partnerships with global companies like Solvay and Vattenfall to expand their recycling capabilities.
Securing a $3.6 million grant from Sustainable Technology Development Canada in 2023.

Current Operations and Market Position

Cyclic Materials currently leads the market in rare earth recycling, aiming to reduce the dependency on imported REEs while mitigating the environmental footprint. The company's proprietary technologies allow for the recovery of critical materials that are in high demand, especially in the production of electric vehicles, wind turbines, and consumer electronics. As Cyclic Materials continues to scale globally, they strengthen their market position through strategic partnerships and their expanding North American and European infrastructure.

Conclusion

Cyclic Materials plays a pivotal role in the rare earth recycling sector, focusing on sustainability and innovation. With substantial funding and a burgeoning market presence in North America and Europe, the company is poised to influence the future of REE supply chains. By leveraging proprietary technologies to create a circular economy for rare earths, Cyclic Materials not only addresses environmental challenges but also supports the electrification of industries worldwide. Their trajectory suggests a significant future impact on sustainable technology development and resource management.