# Cyclic Materials

Canonical page: https://technooptimist.io/companies/cyclic-materials
Toronto-based recycler founded in 2021 that pulls rare-earth magnets out of scrapped electronics, motors and factory waste and refines them back into rare-earth oxides, with sites in Ontario, Arizona and South Carolina.

## In brief

- Opened a 25,000 t/yr magnet-recovery plant in Mesa, Arizona in September 2026.
- Raised two US$75M rounds in 2026, led by T. Rowe Price-advised accounts; US$237M equity in total.
- Building an $82M+ South Carolina campus that will also recycle VACUUMSCHMELZE's magnet factory scrap.

## Facts

- Founded: 2021
- Headquarters: CA
- Status: private
- Raised: $150M
- Website: https://cyclicmaterials.earth
- Frontiers: [Materials](https://technooptimist.io/materials.md) (Rare-earth mining & refining)

## Programs

- [Hub-and-spoke magnet recycling](https://technooptimist.io/materials/magnet-recycling-network.md) (Materials): Deploy; next: Groundbreaking of South Carolina campus (Q4 2026). Mesa, Arizona spoke open since Sep 2026 (25,000 t/yr scrap); South Carolina campus due in 2028.

## Technical approach

- **Spoke: MagCycle magnet recovery**: Automated shredding and sorting separate magnet material from steel, copper and aluminium without hand dismantling.
- **Hub: REEPure refining**: Hydrometallurgy dissolves the magnet material and recovers mixed rare-earth oxides; solvent extraction then yields NdPr, Tb and Dy.

## Open problems

- **Collecting scattered scrap** (active research): Magnets sit in small amounts inside many products that are not recycled for their rare earths today, so volume depends on building a feedstock network.

## Latest updates

- **10 Sep 2026**: Cyclic Materials opens 25,000 t/yr magnet-recovery plant in Mesa, Arizona. Cyclic opened its first US plant, a US$20 million, 144,000 sq ft facility in Mesa that can take up to 25,000 tonnes of scrap a year. ([our story](https://technooptimist.io/stories/cyclic-materials-opens-25-000-t-yr-magnet-recovery-plant-in-mesa-arizona-5cef4f13.md) · [original source](https://www.manufacturingdive.com/news/rare-earth-recycler-cyclic-materials-opens-first-us-facility-mesa-arizona/830028/))
- **27 Aug 2026**: Cyclic Materials adds US$75M strategic round to speed its South Carolina buildout. A second US$75 million round, again led by T. ([our story](https://technooptimist.io/stories/cyclic-materials-adds-us-75m-strategic-round-to-speed-its-south-3cda4ccc.md) · [original source](https://cyclicmaterials.earth/resources/cyclic-materials-announces-usd-75-million-strategic-growth-financing-to-scale-u-s-rare-earth-production))
- **29 Jan 2026**: Cyclic Materials plans US$82M rare-earth recycling campus in McBee, South Carolina. Cyclic announced a campus in Chesterfield County, South Carolina combining its second US magnet-recovery spoke with its largest refining hub. ([our story](https://technooptimist.io/stories/cyclic-materials-plans-us-82m-rare-earth-recycling-campus-in-mcbee-faeb6383.md) · [original source](https://cyclicmaterials.earth/resources/cyclic-materials-to-expand-u-s-rare-earth-recycling-footprint-with-new-south-carolina-campus))
- **23 Jan 2026**: Cyclic Materials raises US$75M Series C led by T. Rowe Price-advised accounts. Cyclic Materials closed an oversubscribed US$75 million Series C led by accounts advised by T. ([our story](https://technooptimist.io/stories/cyclic-materials-raises-us-75m-series-c-led-by-t-rowe-price-advised-2f915b6c.md) · [original source](https://pulse2.com/cyclic-materials-75-million-series-c-funding/amp/))

## Funding

| Date | Round | Amount | Post-money | Leads |
| --- | --- | --- | --- | --- |
| Aug 2026 | Strategic growth round | $75M |   | T. Rowe Price |
| Jan 2026 | Series C | $75M |   | T. Rowe Price |

## Partners, customers and investors

- VACUUMSCHMELZE (supplier): 10-year exclusive deal to recycle all magnet production swarf from VAC's Sumter, South Carolina plant.
- Neo Performance Materials (partner): Non-binding MoU (March 2026) on a trans-Atlantic circular rare-earth supply chain.
- ERI (investor): E-waste recycler; feedstock partner (July 2026) and strategic investor (August 2026).
- Natural Resources Canada (investor): Invested CAD 9.1M (March 2026).

## People

- Ahmad Ghahreman, Founder and CEO
- Matt Cherevaty, Chief Operating Officer

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