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Jaguar Land Rover’s InMotion Ventures invests $2 million in Cyclic Materials

The rare earth elements recycling company’s Series B funding has reached $55 billion toward building a circular supply chain for REEs

A large collection of used electric vehicle motors
The Series B funding will be used to support the opening of Cyclic Materials’ first commercial facilities in the U.S. and Europe. Cyclic Materials

Cyclic Materials has received a $2 million investment from InMotion Ventures, the investment arm of Jaguar Land Rover. This latest backing boosts the company's Series B funding round to $55 million, supporting both companies' mission of advancing sustainable supply chains for the automotive industry and beyond.

"We are thrilled to welcome InMotion Ventures as a key investor, extending our Series B with an additional $2 million," says Ahmad Ghahreman, CEO of Cyclic Materials. "Their investment highlights the surging importance of sustainable solutions in the automotive industry. We are honoured 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."

Advancing rare earths elements recycling 

Rare earth elements (REEs) are an essential component in permanent magnets, which are found in everything from data centres and wind turbines to cell phones, electric vehicles, and power tools. Despite their significance, less than one percent of REEs are currently recycled, while the global demand already exceeds supply and is projected to grow three times by 2030. 

Cyclic Materials' proprietary MagCycle and REEPure technologies address this demand by recycling REEs from a wide range end-of-life products, establishing a circular supply chain for recycled mixed rare earths oxides (rMREOs).

A commitment to the circular economy across supply chains

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.

"Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements and critical materials" says 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.

Company info

20 Montreal Street, 2nd Floor
Kingston, ON
CA, K7L 3G6

Website:
cyclicmaterials.earth

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