Cyclic Materials, a Kingston, Ontario, Canada-based metals recycling company, raised $27M in Series A funding.
The round, which brought the total amount to over $30M, was led by Energy Impact Partners and BMW i Ventures with participation from Fifth Wall, Bioindustrial Innovation Canada (BIC), and existing investor Planetary Technologies.
The company intends to use the funds to expand operations and its business reach.
Led by CEO Ahmad Ghahreman, Cyclic Materials aims to create a sustainable, domestic supply chain for rare earth elements (REEs) and other metals through a recycling process that re-circulates REEs back into the manufacturing process, reducing the environmental impact of the global energy transition. REEs are critical to electrification and decarbonization as they are key components of electric vehicle motors, wind turbines, and consumer and industrial appliances. In addition, its process recycles copper, aluminum, steel, cobalt, and nickel – metals that are also required for electrification and decarbonization.
Since its founding, the company has developed pilot plants and distributed high-quality REE samples to prospective clients, and secured supply chain agreements with internationally recognized companies.
FinSMEs
25/04/2023