New Magnet-recycling Tech Aims To Recover Rare Earths From Waste With $75m Funding
Clean-technology company, Cyclic Materials has secured $75 million in strategic funds to accelerate the expansion of its rare earth production infrastructure across the United States.
The financing follows a July 30 Presidential Determination that identified recovering critical materials already in circulation as a national defense and supply security priority.
End-of-life rare-earth permanent magnets, manufacturing swarf, and other scrap containing critical minerals were deemed recoverable resources essential to national security.
Founder and chief executive officer of Cyclic Materials, Ahmad Ghahreman said the continued support of its investors had enabled the company to build vital US rare earth infrastructure at a time when it had become a national priority.
“This additional capital will enable us to move faster in South Carolina and across the US, accelerate the expansion of our Hub-and-Spoke network, produce more rare earths and critical minerals domestically and return them to American manufacturing,” Ghahreman said.
He added that the $75 million had helped to support US’ clean energy expansion.
Cyclic Materials produces rare earths and critical minerals used across industries including artificial intelligence, semiconductors, robotics, defense, automotive, medical technology and advanced manufacturing.
The financing includes expanded commitments from existing investors. It brings the company’s total equity funding to $237 million, enabling production to increase overall to meet a world increasingly dependent on critical minerals.
This new capital will enable the rapid expansion of Cyclic Materials’ Hub-and-Spoke infrastructure across the United States, including an integrated rare earth recycling campus in South Carolina in Q4 2026.
When a company says they use a hub-and-spoke infrastructure, it means they organise their business operations around a central headquarters (the hub) that supports several smaller branches or teams. The facility will combine the company’s proprietary magnet separation, rare earth recovery, and refining platforms at scale.
The latest financing round was led by accounts advised by T. Rowe Price Associates, which first invested in Cyclic Materials in 2025. ERI, which recently formed a strategic partnership with the company in July, also joined the round as a new strategic investor, the press release continues. Under the partnership, ERI will use its nationwide electronics collection and processing network to identify, secure, and pre-process products containing rare earth magnets and other critical materials for recovery by Cyclic Materials.
“Cyclic Materials continues to demonstrate itself as the market leader in rare earth recovery, advancing its commercial operations, expanding its U.S. footprint and securing strategic partnerships across the critical material supply chain. Our continued investment reflects our confidence in the company’s ability to scale domestic rare earth recycling and production infrastructure for use across critical US industries and technologies,” said Vineet Khanna, investment analyst at T. Rowe Price, in a press release.
Cyclic Materials is also backed by investors including Energy Impact Partners, Microsoft, Amazon, BMW i Ventures, Jaguar Land Rover and Hitachi Ventures.
The company has been expanding commercial operations across North America and internationally since making its first commercial shipments in 2024. Its technology produces high-purity rare earth oxides used to manufacture permanent magnets for automotive, AI, robotics, defense, electronics, energy, medical, and other advanced manufacturing applications.
The latest round reflects the strength of commercial momentum behind the initiative, as the company also commissioned its first commercial Spoke in Arizona, a magnet separation and critical-mineral recycling plant.
