New equity investment will accelerate deployment of resilient, locally anchored rare earths recycling infrastructure enabling new streams of heavy rare earths supply for AI, robotics, defense and advanced manufacturing critical to the future of Western industry

Cyclic Materials today announced it has closed an over-subscribed USD $75 million Series C equity round, its largest to date, scaling up operations across the US and Europe and accelerating Canada-based research and development footprint.

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Cyclic Materials’ Mesa, Arizona site, the very first scale-up of a commercial plant for recycling and local production of rare earths in the US, with a focus on heavy and light rare earth magnets.

The recycling of magnet-containing end-of-life (EOL) scrap and magnet production waste is the fastest way to the production of magnet rare earth elements (REEs) in Western countries, and it can provide unique access to heavy rare earth elements, which are much less commonly available through mining deposits in the Western world.

Positioned as both a diversified source of supply and a circular solution that interrupts waste streams, Cyclic Materials operates a two-stage physical and hydrometallurgical recycling technology to produce REEs from EOL products and magnet production waste and create a secure and circular supply chain for REEs and other critical materials that underpin the rapid growth of AI, robotics, defense, EVs and more.

The funding round was led by accounts advised by T. Rowe Price Associates Inc., alongside continued support from existing shareholders and additional participation from the Canada Growth Fund (CGF).

With this raise, Cyclic Materials' total equity funding surpasses USD $162 million, marking a major inflection point as the company accelerates its commercial rollout and prepares for global expansion, with a substantial focus on addressing North American market needs. The new capital will fuel the ongoing rapid expansion of rare earths recycling infrastructure across the US, enabling a resilient and extremely secure locally sourced supply of critical materials increasingly required by AI data centers, robotics, defense and next-generation industrial systems.

Additionally, funding will support the continued development of intellectual property at Cyclic Materials’ newly built Center of Excellence in Kingston, Ontario, to further establish the company’s leadership in the rare earths supply chain and to support its vertical integration with the magnet supply chain and growth of its team globally.

“This investment underscores the urgency of building a secure supply chain for rare earths that power the defense, AI and robotics revolution. The recycling of EOL products for magnet REEs recovery is the fastest way to create a resilient supply of these critical metals in Western countries, and likely the only viable source of heavy rare earths outside China. It is a powerful vote of confidence our partners have in our ability to deliver on it,” said Ahmad Ghahreman, CEO and founder of Cyclic Materials. “With this new capital, we can rapidly deploy rare earths recycling infrastructure where it’s needed most, delivering local, secure supply at a pace traditional mining simply cannot match. Cyclic Materials is now ideally positioned to help restore North American global leadership in rare earth resources powering advanced manufacturing.”

“As demand for rare earth elements accelerates across advanced manufacturing, electrification, AI and robotics, Cyclic Materials is addressing a critical supply challenge with a scalable and commercially grounded solution. Their ability to recover high-value materials from complex end-of-life products represents a compelling approach to strengthening domestic and allied supply chains. We are excited to support the team as they enter their next phase of growth,” said Vineet Khanna, investment analyst at T. Rowe Price.

“This transaction positions Cyclic Materials to accelerate its research and development and fast-track the commercialization of its breakthrough technology here in Canada,” said Yannick Beaudoin, President and CEO of Canada Growth Fund Investment Management (CGFIM). “By funding Cyclic Materials at this pivotal stage of growth, CGF is pleased to support Canada as it works to boost strategically important critical minerals processing capabilities in a key sector for the country’s economic future.”

Cyclic Materials’ technology delivers clear advantages over traditional mining: a 61.2% reduction in carbon footprint, water use cut to just 5% of what mining requires and recovery rates exceeding 98%. Beyond the environmental benefits, Cyclic Materials’ recycling infrastructure can be deployed years faster than traditional mining projects, offering a scalable, lower-risk pathway to securing critical materials, particularly heavy rare earths essential to high-performance permanent magnets used in AI servers, defense, robotics, e-mobility and automated manufacturing.

Cyclic Materials’ proprietary technologies are capable of economically and sustainably recovering critical raw materials from end-of-life electric vehicle motors, wind turbines, MRI machines and data center electronic waste – key sources of rare earths required to support the rapid expansion of AI computing, robotics e-mobility and advanced industries. The company has rapidly accelerated its growth since closing its successful Series B funding round, which enabled the scaling of the company’s North American footprint. As part of its strategy to anchor rare earths supply locally, Cyclic Materials announced in spring 2025 the start of its first Spoke project in Mesa, Arizona, supporting the rapid scale-up of a secure domestic rare earths supply for US manufacturers. This first of its kind facility is paired with the establishment of Cyclic Materials’ first Hub project and Center of Excellence in Kingston, Ontario. This momentum has been strengthened by a series of high-impact partnerships, including a key collaboration with Solvay and a recent 10-year exclusive agreement with VACUUMSCHMELZE (VAC) to recycle 100% of magnet production by-products from its new Sumter, South Carolina facility, reinforcing secure, local access to critical and heavy rare earth materials for the magnet value chain. The company also announced joining forces with Lime Micromobility, a flagship addition to Cyclic Materials’ feedstock partner network, which comprises several hundred companies supplying strategic end-of-life materials to build that circular rare earths supply chain.

Together, these milestones position Cyclic Materials as a foundational supplier to the AI, defense and robotics-driven industrial transition, delivering rare earth materials locally through a secure and resilient supply at unprecedented speed.

About Cyclic Materials

Cyclic Materials, founded in 2021, is a cleantech company building a resilient supply chain for rare earth elements (REEs) and other critical materials through recycling of magnet-containing EOL. Its innovative technology transforms end-of-life products into valuable raw materials used in AI, robotics, defense and advanced manufacturing critical to the future of Western industry. With the success of its commercial demonstration, and first successful shipments of very high quality recycled Mixed Rare Earth Oxides (rMREO) to customers, the company is scaling its cutting-edge technology to recover REEs from permanent magnets, leveraging its proprietary MagCycle℠ and REEPure℠ processes to feed strategic industries with secure supply of recycled rMREO. Cyclic Materials is scaling its footprint across North America, Europe and Asia. With Mesa, Arizona hosting its first commercial scale Spoke facility, and Kingston, Ontario serving as a Center of Excellence with R&D facility and Hub hydrometallurgical site, the company is expanding its REE recycling infrastructure in the US to supply the surging demand for permanent magnets that power our modern world. In recognition of its pioneering work, the company was awarded as part of Top 10 Climate Tech Companies to Watch by MIT Tech Review in 2025, Fortune Change the World, Fast Company Most Innovative and Next Big Thing in Tech. Learn more at cyclicmaterials.earth.

About T. Rowe Price

Founded in 1937, T. Rowe Price helps individuals and institutions around the world achieve their long-term investment goals. As a large global asset management company known for investment excellence, retirement leadership, and independent proprietary research, the firm is built on a culture of integrity that puts client interests first. Clients rely on the award-winning firm for its retirement expertise and active management of equity, fixed income, alternatives, and multi-asset investment capabilities. T. Rowe Price has $1.78 trillion in assets under management as of December 31, 2025, and serves millions of clients globally.

About Canada Growth Fund

CGF is a $15 billion arm’s-length investment vehicle designed to attract private capital to build Canada’s clean economy. It uses investment instruments that absorb certain risks to catalyze private investment in low-carbon projects, technologies, businesses, and supply chains. Visit www.cgf-fcc.ca for more information.

For CGF’s Media relations, contact mediacgf@cgf-fcc.ca.

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