Cyclic Materials Raises $75 Million to Scale U.S. Rare Earth Recycling and Production

Cyclic Materials has raised US$75 million in a strategic financing round to expand its U.S. rare earth recycling and production infrastructure, with funding directed toward a planned integrated recycling campus in South Carolina and the company’s Hub-and-Spoke network across the country.

The latest round brings Cyclic Materials’ total equity funding to US$237 million. The financing was led by accounts advised by T. Rowe Price Associates, which first invested in the company in 2025. Electronics recycler ERI also joined the round as a strategic investor.

Cyclic Materials plans to break ground on its integrated rare earth recycling campus in South Carolina in the fourth quarter of 2026. The facility will combine the company’s magnet separation, rare earth recovery and refining technologies at commercial scale.

The South Carolina campus will complement Cyclic Materials’ magnet separation and critical mineral recycling facility in Arizona, which is expected to begin operations in the third quarter of 2026.

The company’s Hub-and-Spoke model is designed to connect regional feedstock collection and pre-processing facilities with larger-scale recovery and refining operations. Feedstocks can include end-of-life permanent magnets, manufacturing scrap and other materials containing rare earths and critical minerals.

ERI’s investment builds on a strategic partnership announced by the companies in July. Under that agreement, ERI will use its nationwide electronics collection and processing network to identify and pre-process products containing rare earth magnets and other critical materials before sending them to Cyclic Materials for recovery.

The arrangement provides Cyclic Materials with an additional domestic source of feedstock while linking electronics recycling more directly with rare earth production.

“This additional capital will enable us to move faster in South Carolina and across the U.S., accelerate the expansion of our Hub-and-Spoke network, produce more rare earths and critical minerals domestically and return them to American manufacturing,” said Ahmad Ghahreman, Founder and CEO of Cyclic Materials.

Vineet Khanna, an Investment Analyst at T. Rowe Price, said the continued investment reflects confidence in Cyclic Materials’ ability to expand domestic rare earth recycling and production infrastructure for U.S. industries.

The financing comes as the U.S. government places greater emphasis on recovering critical materials already in circulation. A presidential determination issued on July 30 identified end-of-life rare earth permanent magnets, manufacturing swarf and other critical-mineral-bearing scrap as recoverable resources relevant to U.S. national security.

Rare earth elements are used in permanent magnets and components serving industries including automotive, electronics, robotics, semiconductors, medical equipment and defense. Developing domestic recovery capacity can provide an alternative source of material alongside conventional mining and imported supplies.

Cyclic Materials said its planned network is intended to cover multiple stages of the domestic supply chain, from feedstock sourcing and manufacturing scrap recovery through to refined rare earth production.

With the latest financing, Cyclic Materials has secured US$237 million in total equity funding. Its investor base includes T. Rowe Price accounts as well as Energy Impact Partners, Microsoft, Amazon, BMW i Ventures, Jaguar Land Rover and Hitachi Ventures.

The company did not disclose the valuation associated with the latest financing or the expected production capacity of the South Carolina campus.

Source: Cyclic Materials

SUNSHINE Spotlight: Cyclic Materials’ new US$75 million financing will accelerate its U.S. rare earth recycling network, linking electronics and manufacturing scrap recovery with domestic rare earth production.