Cyclic Materials, a Toronto, Canada-based recycling company building a circular supply chain for Rare Earth Elements and other critical materials, received $2M from InMotion Ventures.
This latest funding brought the company’s Series B round to $55m. The company intends to use the funds to support the opening of its first commercial facilities in the US and Europe
Led by CEO Ahmad Ghahreman, Cyclic Materials is a cleantech company creating a circular supply chain for rare earth elements (REEs) and other critical materials for supporting the clean energy transition. Through its technology, it economically, sustainably, and domestically transforms end-of-life products into valuable raw materials that are essential to the production of electric vehicles, wind turbines, and motors.
Commenting on the news, Ahmad Ghahreman said: “Their investment highlights the surging importance of sustainable solutions in the automotive industry. We are honored 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.”
FinSMEs
23/01/2025