Cyclic Materials has closed an over-subscribed USD $75 million Series C financing, the largest raise in the company’s history, as it ramps up rare earth recycling operations across the United States and Europe and expands its research and development base in Canada.

The round, led by accounts advised by T Rowe Price Associates Inc. with participation from existing investors and the Canada Growth Fund (CGF), brings Cyclic Materials’ total equity funding to more than USD $162 million.

The raise marks a critical inflection point as the company accelerates commercial deployment and prepares for global expansion, with a strong focus on meeting North American supply needs.

Cyclic Materials is targeting one of the most urgent bottlenecks in advanced manufacturing: access to magnet rare earth elements, including scarce heavy rare earths that are largely unavailable from Western mining operations.

Recycling magnet-containing end-of-life products and production waste offers the fastest path to securing these materials outside China, while simultaneously cutting emissions and eliminating waste streams.

The company operates a two-stage physical and hydrometallurgical recycling process that recovers rare earth elements from end-of-life products and magnet manufacturing scrap. The resulting circular supply chain supports fast-growing sectors including AI, robotics, defense, electric vehicles and next-generation industrial systems.

“This investment underscores the urgency of building a secure supply chain for rare earths that power the defense, AI and robotics revolution. The recycling of EOL products for magnet REEs recovery is the fastest way to create a resilient supply of these critical metals in Western countries, and likely the only viable source of heavy rare earths outside China.

"It is a powerful vote of confidence our partners have in our ability to deliver on it,” said Ahmad Ghahreman, CEO and founder of Cyclic Materials.

“With this new capital, we can rapidly deploy rare earths recycling infrastructure where it’s needed most, delivering local, secure supply at a pace traditional mining simply cannot match. Cyclic Materials is now ideally positioned to help restore North American global leadership in rare earth resources powering advanced manufacturing.”

New capital will fund the rapid buildout of rare earth recycling infrastructure across the US, creating a locally sourced and highly secure supply of materials increasingly required by AI data centers, defense systems, robotics and advanced manufacturing.

The company will also expand its newly opened Center of Excellence in Kingston, Ontario, strengthening its intellectual property portfolio, supporting vertical integration with the magnet supply chain and growing its global workforce.

“As demand for rare earth elements accelerates across advanced manufacturing, electrification, AI and robotics, Cyclic Materials is addressing a critical supply challenge with a scalable and commercially grounded solution.

"Their ability to recover high-value materials from complex end-of-life products represents a compelling approach to strengthening domestic and allied supply chains. We are excited to support the team as they enter their next phase of growth,” said Vineet Khanna, investment analyst at T. Rowe Price.

“This transaction positions Cyclic Materials to accelerate its research and development and fast-track the commercialization of its breakthrough technology here in Canada,” said Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management (CGFIM).

“By funding Cyclic Materials at this pivotal stage of growth, CGF is pleased to support Canada as it works to boost strategically important critical minerals processing capabilities in a key sector for the country’s economic future.”