Cyclic Materials lands $75M to expand US rare earth recycling
Financing round brings total equity funding to $237 million.
Cyclic Materials has secured $75 million in strategic financing to bolster its US rare earth recycling operations. This brings the company's total equity funding to $237 million. The capital will be used to accelerate the development of its rare earth recycling campus in South Carolina, set to commence construction in Q4 2026, and expand its Hub-and-Spoke infrastructure across the United States.
Backed by a consortium of institutional investors including Energy Impact Partners, Microsoft, Amazon, BMW i Ventures, Jaguar Land Rover, and Hitachi Ventures, Cyclic Materials aims to increase domestic production capacity for rare earths and critical minerals utilized in various advanced manufacturing sectors such as AI, semiconductors, robotics, defense, automotive, and healthcare.
The funding, led by T. Rowe Price Associates, Inc., which previously invested in the company in 2025, will also accelerate the expansion of its Arizona magnet separation and critical mineral recycling plant, slated to begin operations in Q3 2026. The South Carolina facility will integrate the company's proprietary magnet separation, rare earth recovery, and refining processes at scale.
Cyclic Materials intends to construct an integrated domestic critical material ecosystem, encompassing feedstock sourcing, manufacturing scrap recovery, and rare earth production. This financing comes amid the US government's designation of critical material recovery as a national defense and supply security priority. In July, President Joe Biden issued a determination identifying end-of-life rare earth permanent magnets, manufacturing swarf, and other mineral-bearing scrap as recoverable resources essential to national security.
Cyclic Materials CEO Ahmad Ghahreman expressed gratitude for the investors' support, stating that the additional capital will enable the company to expedite the construction of US rare earth infrastructure, accelerate its Hub-and-Spoke network, increase domestic production of rare earths and critical minerals, and return these materials to American manufacturing.
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