Canadian rare earth recycler Cyclic Materials raises $75M to scale U.S. production

A Canadian company that established its first U.S. commercial facility in Mesa raised a new round of cash to scale domestic production of rare earth elements and critical minerals.

Cyclic Materials announced Thursday that it closed a $75 million financing round from accounts advised by T. Rowe Price Associates Inc., which first invested in Cyclic Materials in 2025.

The recent financing round brings Cyclic Materials’ total equity funding to $237 million with previous backing from investors that include Energy Impact Partners, Microsoft, Amazon, BMW iVentures, Jaguar Land Rover and Hitachi Ventures, among others.

“The continued support of our investors is enabling us to build vital U.S. rare earth infrastructure at a time when it has become a national priority,” Ahmad Ghahreman, founder and CEO of Cyclic Materials, said. “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.”

Cyclic Materials, which is headquartered in Toronto, will use the new capital to accelerate expansion of its industrial recycling system to collect, break down and refine rare earth elements from end-of-life electronics and magnets.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story. 

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