DOTmed September 30, 2024
Cyclic Materials has secured $53 million in Series B funding to drive the global expansion of its rare earth element (REE) recycling infrastructure.
The Toronto-based company plans to use the investment to establish commercial facilities in the U.S. and Europe.
The equity round, led by ArcTern Ventures, also included contributions from BDC Capital’s Climate Tech Fund, Hitachi Ventures, and Microsoft’s Climate Innovation Fund, among others. This brings Cyclic Materials’ total equity raised to over $83 million.
The funding will support the scaling of the company’s rare earth recycling operations, which aim to create a circular supply chain for critical materials. Cyclic Materials recovers REEs from end-of-life products, such as wind turbines, electric vehicles, and MR scanners, offering an environmentally friendly...
Today's Sponsors
Today's Sponsor