Canadian rare-earths recycler invests in US facility
It will be Cyclic Materials' first global operation for separating permanent magnets from end-of-life products.
The company will invest over US$20mln in its first commercial facility in the US in Mesa, Arizona.
Cyclic Materials is establishing a feedstock supply network that will serve the entire US.
The company has already secured partnerships in the Southwest, a key region with an estimated 155,000t per year of end-of-life components from automotive and e-scrap metals.
It is also actively expanding its reach nationwide to develop a more robust and scalable supply chain.
Cyclic Materials raised US$57mln in its Series B equity round last year, backed by global industry leaders like Microsoft, Hitachi Ventures and BMW iVentures, and specialised funds ArcTern Ventures, Fifth Wall, Energy Impact Partners and BDC.
The company has also forged strategic partnerships with Solvay, Vattenfall, Synetiq and VACUUMSCHMELZE to recycle magnets containing rare-earth elements and establish a circular supply chain.
