Cyclic Materials raises US$75M Series C led by T. Rowe Price-advised accounts

Cyclic Materials/Hub-and-spoke magnet recycling

Cyclic Materials closed an oversubscribed US$75 million Series C led by accounts advised by T. Rowe Price, with the Canada Growth Fund joining. The money goes to US recycling plants, IP work at its Kingston, Ontario centre and deeper ties with magnet makers. Total equity raised passed US$162 million.

• Two-stage process: physical magnet recovery, then hydrometallurgical refining.
• Partners include Solvay, VACUUMSCHMELZE (10-year exclusive scrap deal) and Lime.
• Mesa, Arizona spoke launched in spring 2025.