Cyclic Materials secures $75m to accelerate US rare earth recycling

Cyclic Materials has completed a strategic financing round raising $75m, equivalent to C$103.93m, to expand its rare earth production capabilities within the United States. The new capital increases the company’s total equity funding to $237m and includes expanded commitments from existing investors. The proceeds are intended to expedite the development of a rare earth recycling campus in South Carolina and support the growth of the firm’s Hub-and-Spoke infrastructure model across the country.

The expansion aims to increase domestic capacity for recycling rare earths and other critical minerals. These materials are essential for sectors including artificial intelligence, automotive, defence, medical, robotics, semiconductors and other manufacturing industries. Accounts advised by T. Rowe Price Associates led the financing round, building on their previous investment in 2025. The fundraising follows recent developments, including the commissioning of the company’s commercial Spoke facility in Arizona, progress on the South Carolina campus and the growth of commercial partnerships. ERI, which recently joined as a strategic partner, is also an investor in the company.

Cyclic Materials plans to break ground on its South Carolina integrated recycling campus in the fourth quarter of 2026. The facility will employ the company’s technology platforms for magnet separation, rare earth recovery and refining. Meanwhile, the Arizona plant, which specialises in magnet separation and critical mineral recycling, is expected to start operations in the third quarter of 2026. The partnership with ERI is designed to improve feedstock sourcing by leveraging ERI’s electronics collection and processing network. Other institutional and strategic investors in Cyclic Materials include Amazon, BMW i Ventures, Energy Impact Partners, Hitachi Ventures, Jaguar Land Rover and Microsoft. In January 2026, the company announced an investment of more than $82m in its new rare earth recycling campus in McBee, South Carolina. The US Government has classified the recovery of critical materials, including end-of-life rare earth magnets and manufacturing scrap, as a national security priority.