Cyclic Materials Secures $27M for Rare Earth Element Recycling
Ontario-based Cyclic Materials has secured $27M in a Series A funding round aimed at supporting their improved metals recycling technology.
Led by Energy Impact Partners and BMW i Ventures, the latest funding round brings the company’s total funding to over $30M. The funding round also saw participation from Fifth Wall, Bioindustrial Innovation Canada (BIC) and existing investor Planetary Technologies.
Cyclic Materials intends to direct funding towards the expansion of their operations and its business reach. The company is developing the technology needed to create and support a circular supply chain of rare earth elements. The strategy involves recovering critical metals from the high volume of landfill-bound products, specifically the high performance magnets.
Rare earth elements, while rare, are seen in nearly every aspect of our everyday lives in high technology devices. From smartphones to digital cameras; electric car batteries to new-gen light bulbs, rare earth elements have become a crucial component. Recycling these minerals from products no longer in use reduces the environmental impact of these high technology devices while also mitigating the risk of being reliant on a dwindling supply.
Using recycled rare earth minerals reduces CO2 emissions, reduces pressure to open new greenfield mines, and increases the resilience of supply chains. In addition to rare earth metals, the company’s innovative process effectively extracts and recycles copper, aluminum steel, cobalt, and nickel.
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