Cyclic Materials, a Toronto-based company specializing in rare earth element (REE) recycling technology, has received a $2 million investment from InMotion Ventures, the investment arm of Jaguar Land Rover (JLR). This brings the total funds raised in its Series B round to $55 million.

The investment highlights the growing importance of sustainable solutions in the automotive sector, especially as the demand for rare earth elements continues to rise. These elements are critical for manufacturing permanent magnets used in electric vehicles (EVs), wind turbines, data centers, and mobile phones. However, Cyclic emphasizes that less than 1% of REEs are currently recycled, despite a rapidly growing demand that is expected to triple by 2030.

Expanding Rare Earth Recycling Across North America and Europe

Cyclic Materials has developed two technologies, MagCycle and REEPure, designed to extract REEs from a range of end-of-life products, creating a circular supply chain for mixed rare earth oxides. With this new investment, Cyclic plans to expand its operations in North America and Europe, focusing on enhancing supply chain traceability, battery repair, and rare earth magnet recycling.

Cyclic’s CEO, Ahmad Ghahreman, expressed enthusiasm about the partnership, noting that InMotion’s investment underscores the automotive industry’s increasing focus on sustainability. The company aims to build a robust rare earth recycling infrastructure in key global markets.

InMotion Ventures has also invested in other sustainability-focused companies, such as Ascend Elements, a U.S.-based battery materials recycling firm, and Circulor, a London-based platform that tracks recycling supply chains.

Driving Sustainability in the Automotive Industry

Mike Smeed, Managing Director at InMotion Ventures, praised Cyclic Materials for its innovative technologies, which address a critical need for rare earth magnet recycling. The partnership supports the automotive industry’s transition to a cleaner and more resilient future, aligning with global sustainability goals.

As the demand for rare earth elements continues to grow, Cyclic Materials is positioned to play a key role in developing a sustainable, circular supply chain for these vital resources.