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| Cyclic Materials |
Strategic Investment to Strengthen Sustainable REE Supply Chain
Jaguar Land Rover has made a strategic investment in Canadian rare earth recycling start-up Cyclic Materials, contributing $2 million through its investment arm, InMotion Ventures. This funding extends Cyclic Materials’ Series B round to $55 million and will support the company’s expansion into commercial rare earth element (REE) processing facilities in the United States and Europe.
Boosting Rare Earth Recycling Capabilities
Cyclic Materials is pioneering the development of MagCycle and REEPure technologies to extract REEs from end-of-life electric vehicle (EV) motors, wind turbines, MRI machines, and data center waste. Currently, less than 1% of rare earth elements are recycled, making this initiative crucial to reducing dependence on China, which dominates global REE processing. China’s recent export restrictions on rare earth technologies have further emphasized the need for diversified supply chains.
Significant Financial Backing and Industry Partnerships
Cyclic Materials has now raised over $85 million in equity financing. In September 2023, the company secured $53 million from major investors, including Microsoft, Hitachi, BMW i Ventures, ArcTern, and Fifth Wall. The latest funding from Jaguar Land Rover will accelerate North American and European expansion, enhance recycling processes, and increase production capacity.
The investment aligns with Jaguar Land Rover’s 2030 electrification strategy, which aims to secure critical raw materials for battery repair, reuse, and recycling. Strengthening the upstream supply chain supports the transition to luxury electric vehicles while ensuring a sustainable supply of essential materials.
Expanding Rare Earth Recycling Infrastructure
Cyclic Materials has forged partnerships with Solvay, Vattenfall, Synetiq, and Vacuumschmelze to advance rare earth magnet recycling. The company operates Hub 100, a commercial demonstration facility in Kingston, Ontario, with an 8,000 t/yr MagCycle capacity and a 100 t/yr REEPure hydrometallurgical facility that produces recycled mixed rare earth oxides (rMREO), nickel, and cobalt hydroxides.
As demand for rare earth elements surges, investments like Jaguar Land Rover’s will play a pivotal role in scaling up sustainable REE recycling and securing resilient supply chains for the future.
