by
Gus Iversen, Editor in Chief | January 26, 2026
Cyclic Materials has secured $75 million in Series C funding to expand its rare earths recycling operations in North America and Europe, while boosting R&D activity in Canada.
The Ontario-based company, which recycles end-of-life products and magnet manufacturing waste, says the investment will support deployment of local rare earths recycling facilities, particularly in the U.S., and help meet growing demand from sectors including AI, defense and advanced manufacturing.
Its facility in Mesa, Arizona, billed as the first U.S.-based commercial-scale rare earths recycling plant, is central to its plans to establish a domestic supply of critical materials, particularly heavy rare earth elements that are difficult to source through traditional mining outside of China. A complementary R&D center and processing hub in Kingston, Ontario, will serve as a core site for technology development and vertical integration with the magnet supply chain.
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The company uses a two-stage physical and hydrometallurgical process to extract rare earth elements from electric vehicle motors, wind turbines, data center equipment and other sources. According to Cyclic Materials, this method offers environmental advantages over mining, including a 61.2% lower carbon footprint, a 95% reduction in water usage, and material recovery rates above 98%.
The round was led by accounts advised by T. Rowe Price Associates, with continued support from existing investors and new participation from the Canada Growth Fund.
“This investment underscores the urgency of building a secure supply chain for rare earths that power the defense, AI and robotics revolution,” said CEO Ahmad Ghahreman. “With this new capital, we can rapidly deploy rare earths recycling infrastructure where it’s needed most.”
T. Rowe Price investment analyst Vineet Khanna called the company’s approach “a compelling solution to strengthening domestic and allied supply chains,” while Yannick Beaudoin, president and CEO of Canada Growth Fund Investment Management, said the funding would help “fast-track the commercialization of its breakthrough technology here in Canada.”
With this round, Cyclic Materials' total equity funding has reached more than $162 million.
