Cyclic Materials
Cyclic Materials is a Canadian cleantech company founded in 2021 that recovers rare earth elements and critical metals from end-of-life products — EV motors, wind turbines, hard disk drives, and MRI machines — supplying magnet manufacturers, OEMs, and industrial refiners via its proprietary MagCycle™ and REEPure™ recycling technologies.
- Company typePrivate
- Founded2021
- HeadquartersKingston, Canada
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What Cyclic Materials does
Cyclic Materials is a Canadian cleantech company founded in 2021 by Ahmad Ghahreman that operates a circular supply chain for rare earth elements (REEs) and other critical metals by recovering them from end-of-life products such as EV and hybrid vehicle motors, wind turbine generators, hard disk drives, MRI machines, micromobility motors, robotics, and drones. Headquartered in Toronto with operations anchored in Kingston, Ontario, the company deploys a feedstock-agnostic, two-stage recycling platform that combines MagCycle™ — a proprietary physical separation process extracting permanent magnets from end-of-life components at >90% recovery — with REEPure™, a hydrometallurgical refining process converting recovered magnet feedstock into high-purity recycled Mixed Rare Earth Oxide (rMREO), aluminum, copper, Mixed Hydroxide Precipitate (MHP), and clean ferrous materials at recovery rates exceeding 98%. A complementary patent-pending CC360™ process is purpose-built for hard disk drive rare earth recovery and has been field-validated by Sims Lifecycle Services at one drive per second throughput; Digital Product Passports provide end-to-end traceability across the recycled supply chain.
The company's commercial network comprises the Hub100 demonstration plant in Kingston (opened June 2024, 100 t/yr magnet feedstock), the Kingston Centre of Excellence (140,000+ sq ft, opening Q1 2026, 500 t/yr Hub capacity plus R&D), the Mesa, Arizona Spoke facility ($20M+ investment, opening early 2026, 25,000 t/yr EOL components), and the planned $82M+ McBee, South Carolina campus combining a second U.S. Spoke with the largest Hub to date (6,000 t/yr planned, 2028 operations). Revenue is generated through three streams: multi-year offtake agreements for rMREO (Solvay), copper (Glencore), and co-products; exclusive custom recycling services for magnet manufacturers' production by-products — most notably a 10-year exclusive agreement with VACUUMSCHMELZE for 100% of swarf from VAC's Sumter, South Carolina facility with rMREO reintegration rights; and strategic OEM and co-development partnerships (Lime, Neo Performance Materials, Microsoft, Polestar, Arnold Magnetic Technologies, Renercycle, SYNETIQ, Sims Lifecycle Services). The go-to-market is sales-led and enterprise-focused, supported by a Director of OEM Partnerships and a Director of EOL Feedstock, an interactive Supplier Portal serving several hundred feedstock partners, and active participation in cleantech and recycling industry events.
Cyclic Materials has raised over USD $162 million in equity funding across a $27M Series A (April 2023, co-led by BMW i Ventures and Energy Impact Partners), a $53M Series B plus extensions (September 2024–April 2025, led by ArcTern Ventures, extended by InMotion Ventures/Jaguar Land Rover, Amazon's Climate Pledge Fund, and Microsoft), and a $75M Series C (January 2026, led by T. Rowe Price Associates with the Canada Growth Fund as anchor), supplemented by approximately $3.6M CAD from Sustainable Development Technology Canada and up to CAD $9.1M conditionally awarded by Natural Resources Canada's Global Partnerships Initiative. The company has been recognized in the 2025 MIT Technology Review Climate Tech Companies to Watch, the 2025 Fortune Change the World list, Fast Company's 2025 Most Innovative Companies (#8 North America), and the 2024–2026 Global Cleantech 100, and its Kingston sites are certified to ISO 9001, ISO 14001, ISO 45001, and R2 standards.
Cyclic Materials firmographics
Firmographics- Name
- Cyclic Materials
- Legal name
- Cyclic Materials Inc.
- Website
- https://cyclicmaterials.earth
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Cyclic Materials is a Canadian cleantech company founded in 2021 that recovers rare earth elements and critical metals from end-of-life products — EV motors, wind turbines, hard disk drives, and MRI machines — supplying magnet manufacturers, OEMs, and industrial refiners via its proprietary MagCycle™ and REEPure™ recycling technologies.
- Ownership category
- akta.pro rank
Cyclic Materials industry classification
Industry- Product category
- Rare Earth Recycling
- NAICS
- Nonferrous Metal (except Aluminum) Smelting and Refining (33141)
- SIC
- Secondary Smelting & Refining Of Nonferrous Metals (3341), Wholesale-Metals & Minerals (No Petroleum) (5050)
- akta.pro primary industry
- Post-Shredder Separation & Recovery (Eddy Current, Heavy Media, Sensor Sorting) (EUAIAJAE)
- akta.pro secondary industries
- Catalytic Converter Recycling & Precious Metals Recovery (PGM) (EUAIAJAG), Auto Shredding & Metal Fragmentation (Shredder Operations) (EUAIAJAD)
Keywords
Where Cyclic Materials is headquartered
LocationHeadquarters
- HQ city
- Kingston
- HQ country
- Canada
- HQ region
- North America
Offices4 records
Markets served
Cyclic Materials business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Operations, Infrastructure, Supply Chain, Marketing or Sales
Revenue model
- Recycled Material Sales (Multi-Year Offtake Agreements): Revenue from long-term supply contracts for recycled materials including Mixed Rare Earth Oxides (rMREO), copper, nickel/cobalt hydroxides, aluminum and clean ferrous materials. Customers include Solvay (rMREO), Glencore (copper, processed at Horne Smelter and CCR), and other offtake partners. Contracts are typically multi-year in duration.
- Custom Recycling / Magnet By-product Processing Services: Revenue from exclusive recycling services for magnet manufacturers' production by-products (swarf). Example: 10-year exclusive agreement with VACUUMSCHMELZE to recycle 100% of magnet production by-products from VAC's Sumter, South Carolina facility, with option to reintegrate recycled rMREO back into VAC's own production.
- Strategic Partnership Co-development: Revenue from joint closed-loop and OEM/Tier-1 partnerships, including Neo Performance Materials MOU for trans-Atlantic circular rare earth supply chain and direct partnerships with OEMs like Lime for end-of-life feedstock supply and recycling.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Feedstock supplier pricing is provided up front through the Supplier Portal based on parts searched. |
Go-to-market motion4 records
Distribution channels3 records
Marketing channels8 records
Cyclic Materials product offering
Product offeringCore offering
Cyclic Materials operates a circular supply chain that recovers rare earth elements and other critical metals (NdFeB magnets, copper, aluminum, nickel/cobalt hydroxides) from end-of-life products such as EV motors, hybrid transmissions, wind turbines, hard disk drives, MRI machines, micromobility motors, robotics and drones. It deploys a two-stage proprietary process — MagCycle (physical separation of permanent magnets) and REEPure (hydrometallurgical refining into Mixed Rare Earth Oxide) — across commercial Spoke and Hub facilities in Canada and the United States, then sells the recycled outputs under long-term offtake agreements to magnet manufacturers, OEMs, chemical and mining companies.
Product overview
Cyclic Materials offers a platform-plus-modules architecture for circular rare earth recycling built around two proprietary core technologies — MagCycle℠ (a feedstock-agnostic physical separation process for recovering permanent magnets from end-of-life products) and REEPure℠ (a hydrometallurgical process that converts those magnets into recycled Mixed Rare Earth Oxide and co-products such as aluminum, copper, and Mixed Hydroxide Precipitate). These core technologies are deployed across an integrated North American network of Spoke facilities (front-end magnet separation — e.g., Mesa, Arizona) and Hub facilities (back-end hydrometallurgical processing — e.g., Kingston, Ontario Centre of Excellence and the planned McBee, South Carolina campus), with the CC360™ process serving as a specialized sub-product for hard drive rare-earth recovery and the Supplier Portal serving as the partner-facing platform that enables feedstock suppliers to register, search parts, and submit pickup requests. Digital Product Passports provide end-to-end traceability across the closed-loop supply chain that connects Cyclic's recycled outputs to magnet manufacturers such as VACUUMSCHMELZE, Solvay, and Neo Performance Materials.
Differentiator
Problem solved
Functional benefit
Brands
- MagCycle: Proprietary physical separation process that isolates rare earth permanent magnets from end-of-life products such as EV motors, wind turbines, hard drives, MRI machines, micromobility motors, robotics and drones.
- REEPure
- CC360
Products and services
- Recycled Mixed Rare Earth Oxide (rMREO)
- Recycled copper (and other co-products) for offtake
- Custom magnet by-product (swarf) recycling services
- Cyclic Materials Supplier Portal
Quantifiable outcome
- 61.2% reduction in carbon footprint versus traditional mining
- +6 more outcomes
Companies that use Cyclic Materials
Customer profileNamed customers13 records
Segments6 records
Ideal customer profiles6 records
Cyclic Materials technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Cyclic Materials partnerships and signals
Strategic signalPartnerships
25 partnerships are on record, tiered flagship strategic alliance, flagship strategic partnership, european wind recycling partner, flagship feedstock partnership, core commercial / offtake partner, core international feedstock partner, technology validation partner, industry partnership, r&d partner, industry coalition and industry affiliation.
- Neo Performance Materialsflagship strategic allianceSigned a non-binding MOU to collaborate on a circular trans-Atlantic rare earth supply chain. Cyclic will recycle magnet production scrap and end-of-life magnet-bearing materials from Neo's European operations into mixed rare earth oxides for Neo's downstream alloy and magnet manufacturing. Aligns with EU Critical Raw Materials Act objectives.
- VACUUMSCHMELZE (VAC)flagship strategic partnershipSigned a 10-year exclusive agreement for recycling 100% of magnet production by-products (swarf) from VAC's new Sumter, South Carolina manufacturing facility, which began operations at the end of 2025. Builds on 2024 partnership. VAC also has option to reintegrate recycled rMREOs back into its own production. Joint South Carolina facilities position the state as a strategic hub for rare earth magnet recycling.
- Renercycleeuropean wind recycling partnerStrategic agreement for preferential supply of end-of-life magnetic materials from decommissioned wind turbines to Cyclic for recycling using MagCycle℠ and REEPure℠ technologies. Supports renewable energy circularity in Europe.
- Limeflagship feedstock partnershipStrategic agreement to recycle magnets from retired electric motors powering Lime's e-bikes and e-scooters across Canada and the United States. First at-scale rare earth magnet recycling initiative in North America's micromobility sector. Served through Cyclic's Mesa, Arizona facility and Kingston, Ontario location.
- Glencorecore commercial / offtake partnerSigned a multi-year offtake agreement for Cyclic to supply copper produced at its Spoke operations to Glencore's Horne Smelter and Canadian Copper Refinery (CCR) for refining into copper cathode.
- SYNETIQcore international feedstock partnerCollaboration agreement for the recycling of electric motors containing rare earths, including drive motors in hybrid and electric vehicles, plus auxiliary motors. First overseas feedstock contract for Cyclic, processed at Kingston Spoke and Hub100 facilities.
- Sims Lifecycle Services (SLS)technology validation partnerField tested Cyclic's patent-pending CC360™ technology for rare earth recovery from hard disk drives, achieving throughput of one hard drive per second. SLS deployed CC360 across its IT asset disposition operations.
- Solvaycore commercial / offtake partnerSigned a supply agreement for recycled mixed rare earth oxide (rMREO) from Cyclic's Kingston facility. Solvay is a key offtake partner named for rMREO output.
- Arnold Magnetic Technologiesindustry partnershipPartnership announced April 2023 for recycling critical magnet materials.
- Polestarindustry partnershipPartnership announced December 2022 to advance rare earth recycling for electric vehicles.
- Queen's Universityr&d partnerR&D partner supporting the Kingston Centre of Excellence, with collaborators in research and engineering.
- Kingston Process Metallurgy (KPM)r&d partnerR&D partner supporting Kingston Centre of Excellence operations.
- RXN Hubr&d partnerR&D partner supporting Kingston Centre of Excellence operations.
- Impact Chemistryr&d partnerR&D partner supporting Kingston Centre of Excellence operations.
- Circular Supply Chain Coalition (CSCC) led by Pyxera Globalindustry coalitionCSCC is developing a global network of regional e-waste recycling hubs to recover critical minerals through 'urban mining,' with potential hub locations in North America, the EU (Rotterdam), India, and Singapore. Cyclic Materials secured commitment as a partner alongside Cummins and American Battery Technology Company.
- Bureau of International Recycling (BIR)industry affiliationIndustry affiliation member sharing the vision for a circular future.
- FISITAindustry affiliationIndustry affiliation member.
- Suppliers Partnership for the Environment (SP)industry affiliationIndustry affiliation member; won the SP 2025 Environmental Leadership Award.
- TERRA (The Roadmap for Recycling)industry affiliationIndustry affiliation member.
- American Recycling Association (ARA)industry affiliationIndustry affiliation member.
- OARA (Ontario Automotive Recyclers Association)industry affiliationIndustry affiliation member.
- RDRWindindustry affiliationIndustry affiliation member.
- REIA (Reverse Engineering and Inspection Association)industry affiliationIndustry affiliation member.
- ISRI (Institute of Scrap Recycling Industries)industry affiliationIndustry affiliation member.
- SAFE (Securing America's Future Energy)industry affiliationIndustry affiliation member.
Scale indicators14 records
Recent moves9 records
Expansion highlights7 records
Cyclic Materials competitors and assessment
Company assessmentDirect peers
- HyProMag: UK-based rare earth magnet recycling company using a hydrogen decrepitation process to recover NdFeB magnets from end-of-life sources. Most direct functional peer to Cyclic's MagCycle® physical separation step and to the broader end-of-life magnet recycling thesis.
- Urban Mining Company: U.S. rare earth magnet recycling company (San Marcos, TX) recovering NdFeB magnets from end-of-life electronics and motors. Closest U.S. direct peer in feedstock-agnostic magnet recycling and feedstock-to-oxide recovery.
- Mkango Resources: Canada-listed rare earths company with a recycled rare earth magnet and alloy business via its HyProMag UK subsidiary. Direct competitor in the end-of-life magnet-to-alloy circular supply chain Cyclic is building.
- Geomega Resources: Quebec-based cleantech developing proprietary rare earth recycling technology (REEtec separation technology), targeting recovery of NdFeB magnets from end-of-life sources. Canadian geographic peer and direct technical competitor.
- Phoenix Tailings: U.S.-based rare earth and critical metals producer with a proprietary zero-waste recycling and refining platform. Direct peer in non-Chinese, low-emission rare earth processing with a recycling-centric model.
- REEtec: Norwegian rare earth separation technology company producing separated rare earth oxides, with growing interest in secondary/recycled feedstock. Comparable separation/refining capability to Cyclic's REEPure® hydrometallurgical step.
Broad incumbents
- MP Materials: Largest Western rare earth mining and processing company, operating the Mountain Pass mine and processing facility in California. Mining-first model competes for the same OEM and magnet manufacturer demand, but operates at much larger scale and as a primary source rather than recycler.
- Lynas Rare Earths: Australia-based largest non-Chinese producer of separated rare earth materials, operating the Mt Weld mine and Kalgoorlie processing facility. Established Western REE incumbent with broad portfolio overlap in NdPr and heavy REE oxides.
- Energy Fuels: U.S. critical minerals producer recovering rare earths from monazite sand as a by-product of uranium and mineral sands operations. Competes for Western REE processing demand via a different feedstock model (monazite) and operates at commercial scale today.
Emerging players
- Noveon Magnetics: U.S. rare earth permanent magnet manufacturer (San Marcos, TX) producing sintered NdFeB magnets from recycled and mined feedstock. Strategic counterpart/buyer for Cyclic's rMREO output and a potential downstream partner for closed-loop North American magnet supply.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat7 records
Key risks7 records
Key highlights7 records
Customer concentration
Cyclic Materials social profiles
Digital presenceCyclic Materials compliance and trust
Trust signalCompliance6 records
Cyclic Materials financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cyclic Materials leadership team
Management profileNumber of profiles
Profiles21 records
Cyclic Materials funding detail
Funding detailFunding overview
Funding rounds9 records
Investors20 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cyclic Materials M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cyclic Materials
What does Cyclic Materials do?
Cyclic Materials operates a circular supply chain that recovers rare earth elements and other critical metals (NdFeB magnets, copper, aluminum, nickel/cobalt hydroxides) from end-of-life products such as EV motors, hybrid transmissions, wind turbines, hard disk drives, MRI machines, micromobility motors, robotics and drones. It deploys a two-stage proprietary process — MagCycle (physical separation of permanent magnets) and REEPure (hydrometallurgical refining into Mixed Rare Earth Oxide) — across commercial Spoke and Hub facilities in Canada and the United States, then sells the recycled outputs under long-term offtake agreements to magnet manufacturers, OEMs, chemical and mining companies.
Is Cyclic Materials a public or private company?
Cyclic Materials is a private company. It is classified as venture growth investor backed and is currently operating.
When was Cyclic Materials founded?
Cyclic Materials was founded in 2021. It employs 101 to 250 people.
Where is Cyclic Materials based?
Cyclic Materials is headquartered in Kingston, Canada, in the North America region.
How does Cyclic Materials make money?
Three revenue lines are on record. Recycled Material Sales (Multi-Year Offtake Agreements) is the primary driver. The others are custom Recycling / Magnet By-product Processing Services and strategic Partnership Co-development.
Who are Cyclic Materials's main competitors?
Direct peers on record are HyProMag, Urban Mining Company, Mkango Resources, Geomega Resources, Phoenix Tailings and REEtec. Broad incumbents are MP Materials, Lynas Rare Earths and Energy Fuels. Noveon Magnetics is listed as an emerging player.
Does Cyclic Materials have an API?
No public API is recorded for Cyclic Materials.
What industry is Cyclic Materials in?
Cyclic Materials's product category is Rare Earth Recycling. Its primary akta.pro industry code is EUAIAJAE, Post-Shredder Separation & Recovery (Eddy Current, Heavy Media, Sensor Sorting), with a secondary code of EUAIAJAG, Catalytic Converter Recycling & Precious Metals Recovery (PGM). Its NAICS code is 33141 and its SIC code is 3341.