Funding

Ontario-Based Cyclic Materials Raises $75M in Funding

Aug 28, 2026 | By Devin Jacobs

SUMMARY

Cyclic Materials raised $75M in funding.
The funding will support rare earth recycling expansion.
Cyclic Materials recycles rare earth elements from magnets and scrap.

Cyclic Materials, a Toronto, Canada-based provider of a technology platform for domestic rare earth recovery and production, has raised $75 million in a financing round led by T. Rowe Price Associates, Inc., with participation from ERI, bringing the total amount to $237 million.

The company will use the funds to speed up the development of its rare earth recycling campus in South Carolina and expand its Hub-and-Spoke network across the US.

Funding Snapshot

Metric	Details
Fundraise Amount	$75M
Valuation	Not disclosed
Company	Cyclic Materials
Sector	Rare Earth Recovery / Critical Minerals
Headquarters	Toronto, Canada

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About Cyclic Materials

Cyclic Materials is developing industrial infrastructure for domestic rare earth recovery and production. Its technology recovers rare earth elements from end-of-life magnets and manufacturing scrap and produces high-purity rare earth oxides used to make permanent magnets.

Core offerings include:

Magnet separation
Rare earth recovery
Rare earth refining
Critical mineral recycling

Core Technologies / Products / Services

Capability/Product	Application/Use Case
Magnet Separation	Separates rare earth magnets from end-of-life products
Rare Earth Recovery	Recovers critical materials from recycled feedstock
Refining Platform	Produces high-purity rare earth oxides
Hub-and-Spoke Network	Builds domestic rare earth recycling infrastructure

Leadership Comments

“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,” said Ahmad Ghahreman, Founder and CEO of Cyclic Materials. “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 continues to demonstrate itself as the market leader in rare earth recovery advancing its commercial operations, expanding its U.S. footprint and securing strategic partnerships across the critical material supply chain,” said Vineet Khanna, Investment Analyst at T. Rowe Price.