Magnetics Business & Technology - September/October 2023 - 30

INDUSTRY NEWS
Cyclic Materials Raises $27M to Scale Recycling Technology, Links up with Solvay and
Arnold
Since its founding, Cyclic has successfully developed pilot
plants and distributed high-quality REE samples to prospective
clients, secured supply chain agreements with internationally
recognized companies, obtained Sustainable Development
Technology Council of Canada funding and received multiple
industry awards.
" We are very excited about this new funding and our new partnerships
with EIP, BiV, Fifth Wall, and BIC, which will provide
the capital required for the scale up of our technologies and
help us plan our future growth in North America, Europe, and
Asia, " said Ahmad Ghahreman, CEO and co-founder of Cyclic.
" With the support of our partners we intend to continue advancing
the scale of our technologies in order to meet the rising
demand for rare earth elements in the near future and enable a
more sustainable future. "
Creating a circular supply chain for rare earth elements and critical
materials
Cyclic Materials, a Canadian advanced metals recycling company
focused on producing critical materials, today announced
it has raised $27 million in an oversubscribed Series A financing.
The money is flowing in quickly after accomplishing its first
production run of rare earth magnetic material and forging a
string of partnerships with magnetics industry notables. These
include chemicals giant Solvay which is planning to build a
major rare earths magnet operation in Europe, and Arnold Magnetic
Technologies (see related article), among others.
The financing round was led by Energy Impact Partners (EIP)
and BMW i Ventures (BiV) and included participation from Fifth
Wall, Bioindustrial Innovation Canada (BIC), and existing Cyclic
Materials investor Planetary Technologies. The funding round
brings the company's total capital raised to over $30 million and
will contribute to the scale up of its technologies.
Founded in 2021 in Kingston, Ontario, Cyclic Materials is
focused on creating a more sustainable, domestic supply chain
for rare earth elements and other metals through an innovative
recycling process that re-circulates the minerals back into the
manufacturing process.
Rare earth elements (REEs) are among the least recycled metals
due to the difficulty of separating the various magnetic materials
in end-of-life products. However, with the global market for
REEs forecast to increase three-fold by 2030, establishing new
sources of REEs is critical. REE and metal recycling has many
economic and environmental benefits over mining such as a
shorter development timeline, lower consumption of reagents
and water, reduced waste, and a significantly smaller carbon
footprint. While new mines are also necessary to meet projected
demand, developing a domestic supply chain of high-quality
REEs reduces the need for virgin material.
The company's process also recycles copper, aluminum, steel,
cobalt, and nickel - metals that are also required for electrification
and decarbonization. Electric vehicles, for example, require
two and a half times as much copper as internal combustion
vehicles. Beyond electric vehicles, copper is necessary for renewables,
transmission & distribution infrastructure, and battery
storage technologies.
30 Magnetics Business & Technology * September/October 2023
" We are excited to back Ahmad and
Cyclic Materials' mission to develop
domestic, circular supply chains for
REEs and other critical metals, " said
Shayle Kann, Partner at EIP. " These
metals are essential for electrification
and recycling them has substantial
economic and decarbonization benefits. "
" REEs
are critical for many applications
from small electronics to large
wind turbines but are very challenging
Ilham Kadri, CEO of
Solvay
to produce, " said Kasper Sage, Managing Director of BiV. " The
Cyclic Materials team has developed a novel process that can
create a sustainable, secondary supply source. We are excited
about the company's plan to scale this technology, helping
secure the metals supply chain of the future. "
In February, Solvay and Cyclic signed a Memorandum of
Understanding which outlines the intent of both parties to enter
into an agreement for the production and supply of recycled
mixed rare earth oxides to be sent from Cyclic's site in Ontario
to Solvay's plant in La Rochelle, France.
" Cyclic Materials will provide us key raw materials for our plant
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