Ontario-based recycling company Cyclic Materials has secured over $53 million in Series B funding to accelerate its mission of creating a circular supply chain for rare earth elements (REEs) and other critical materials. The funding round, led by ArcTern Ventures, will enable Cyclic to expand its operations in the US and Europe.
Onatrio-based recycling company Cyclic Materials, aiming to create a circular supply chain for rare earth elements and other critical materials, announced Wednesday it has successfully closed an oversubscribed $53 million Series B equity round.
The funding brings total equity raised to over $83 million and will enable it to fast-track its international growth, the company said in a news release. Cyclic will deploy the capital to build rare earth recycling infrastructure in the US and Europe, and grow its team to support its operations. The company said its process of recycling these rare earth materials from magnets achieves significant environmental benefits in comparison to traditional mining processes, including a reduced carbon footprint and water efficiency.
Recycling Rare Earth Elements Circular Economy Sustainability Clean Energy
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