Cyclic Materials has secured $75m (C$103.93m) in a strategic financing round to boost its rare earth production in the US.
This latest investment increases Cyclic Materials’ total equity funding to $237m and includes expanded commitments from existing investors.
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It is set to expedite the company’s plans for a rare earth recycling campus in South Carolina, as well as the growth of its Hub-and-Spoke infrastructure model across the country.
This expansion aims to increase domestic capacity for recycling rare earths and other critical minerals, which are used in sectors such as AI, automotive, defence, medical, robotics, semiconductors and other manufacturing sectors.
Accounts advised by T. Rowe Price Associates led the round, building on their previous investment in 2025.
The fundraising follows developments including the commissioning of Cyclic Materials’ commercial Spoke facility in Arizona, progress on the South Carolina campus and the growth of commercial partnerships.
ERI, which recently joined as a strategic partner, is also an investor in the company.
Cyclic Materials plans to break ground on its South Carolina integrated recycling campus in the fourth quarter of 2026 (Q4 2026).
The company’s Arizona plant, which specialises in magnet separation and critical mineral recycling, is expected to start operations in Q3 2026.
The South Carolina facility will employ Cyclic Materials’ technology platforms for magnet separation, rare earth recovery and refining.
Cyclic Materials founder and CEO Ahmad Ghahreman said: “The continued support of our investors is enabling us to build vital US rare earth infrastructure at a time when it has 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.”
The US Government has classified the recovery of critical materials including end-of-life rare earth magnets and manufacturing scrap as a national security priority.
The partnership with ERI is intended to improve feedstock sourcing for Cyclic Materials by tapping into ERI’s electronics collection and processing network.
Other institutional and strategic investors in Cyclic Materials include Amazon, BMW i Ventures, Energy Impact Partners, Hitachi Ventures, Jaguar Land Rover and Microsoft.
In January 2026, Cyclic Materials announced an investment of more than $82m in its new rare earth recycling campus in McBee, South Carolina.
