InMotion Ventures Invests $2 Million in Cyclic Materials, Extending Series B to $55 Million

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The Series B funding will be used to support the opening of Cyclic Materials’ first commercial facilities in the US and Europe

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TORONTO — Cyclic Materials, the advanced recycling company building a circular supply chain for Rare Earth Elements and other critical materials, today announced a $2 million investment from InMotion Ventures, the investment arm of Jaguar Land Rover (JLR). This latest backing lifts the company’s Series B round to $55 million, underscoring its critical role in advancing sustainable supply chains for the automotive industry and beyond.

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Rare Earth Elements (REEs) are an essential component in permanent magnets, which are found in everything from data centers and wind turbines to cell phones, electric vehicles, and power tools. Despite their significance, less than 1% of REEs are currently recycled, while the global demand already exceeds supply and is projected to grow threefold by 2030. Cyclic Materials’ proprietary MagCycle℠ and REEPure℠ technologies address this demand by recycling REEs from a wide range of end-of-life products, establishing a circular supply chain for recycled Mixed Rare Earth Oxides (rMREOs).

This investment aligns with InMotion Ventures’s commitment to the circular economy. The fund has invested in a range of technologies across the global value chain, including supply chain traceability, battery repair, re-use and recycling and now, rare earth magnets recycling.

“We are thrilled to welcome InMotion Ventures as a key investor, extending our Series B with an additional $2 million,” said Ahmad Ghahreman, CEO of Cyclic Materials. “Their investment highlights the surging importance of sustainable solutions in the automotive industry. We are honored to have one of the UK’s most active corporate funds as partners as we deploy our rare earth recycling infrastructure across North America and Europe.”

“Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements and critical materials,” added Mike Smeed, Managing Director at InMotion Ventures. “Their innovative technologies address a vital need for rare earth magnets recycling, supporting the automotive industry’s transition toward a cleaner and more resilient future.”

With this investment, Cyclic Materials will accelerate the expansion of its operations across North America and Europe, enhance processing capabilities, and refine its cutting-edge recycling technologies.

This Series B extension builds on Cyclic Materials’ earlier $53 million round, backed by global industry leaders like Microsoft, Hitachi, BMWi and specialized funds ArcTern and Fifth Wall. Together, these investments position Cyclic Materials as a key partner for companies seeking sustainable and circular supply chain solutions.

About Cyclic Materials

Established in 2021, Cyclic Materials is a cleantech company creating a circular supply chain for rare earth elements (REEs) and other critical materials for supporting the clean energy transition. Through its innovative technology, the company economically, sustainably, and domestically transforms end-of-life products into valuable raw materials that are essential to the production of electric vehicles, wind turbines, and motors for the electronics we use in our daily lives. In 2023, Cyclic Materials commissioned a commercial demonstration facility of the first stage of its process, to recover rare earth magnets from end-of-life materials using the proprietary process, MagCycle℠. In 2024, Cyclic Materials opened a second commercial demonstration facility, for the second stage of its process, in Kingston, Ontario where Mixed Rare Earth Oxide is produced using its proprietary hydrometallurgical technology, REEPure℠. With the global market for magnets containing REEs forecasted to increase dramatically by 2030, establishing new sources of these critical materials is vital to support the electrification of the global economy. Cyclic Materials is scaling its technology across North America, Europe, and Asia. To learn more, visit cyclicmaterials.earth.

About InMotion Ventures

InMotion Ventures is the investment arm of JLR and a core component of the business’ Open Innovation programme. The fund invests globally across climate, industrial and enterprise technologies at the application, infrastructure and deep tech levels. Notable past investments include Lyft (exited in 2019), Ascend Elements, Circulor, Uncaged Innovations, ChipFlow and EV Energy.