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Rare earths recycler Cyclic Materials closed on Thursday a $75 million strategic financing round, bringing total equity funding to $237 million.
Cyclic said the capital will accelerate deployment of its rare earth recycling campus in South Carolina, which it plans to break ground on Q4 2026, and the expansion of its Hub-and-Spoke infrastructure across the US.
The company, backed by a global group of institutional investors that includes Energy Impact Partners, Microsoft, Amazon, BMW i Ventures, Jaguar Land Rover and Hitachi Ventures, is aiming to increase domestic production capacity for rare earths and critical minerals used across the AI, semiconductor, robotics, defense, automotive, medical, and other advanced manufacturing sectors.
The latest financing round is led by accounts advised by T. Rowe Price Associates, Inc., which first invested in Cyclic Materials in 2025.
The company said the new capital will accelerate expansion of its Arizona magnet separation and critical mineral recycling plant, which is expected to commence operations in Q3 2026.
The South Carolina facility will combine the company’s proprietary magnet separation, rare earth recovery and refining platforms at scale, Cyclic said.
The company plans to build an integrated domestic critical material ecosystem, from feedstock sourcing and manufacturing scrap recovery to rare earth production.
The financing comes as the United States has designated the recovery of critical materials already in circulation a national defense and supply security priority. A July 30 Presidential Determination identified end-of-life rare earth permanent magnets, manufacturing swarf, and other critical-mineral-bearing scrap as recoverable resources essential to national security.
“The continued support of our investors is enabling us to build vital U.S. rare earth infrastructure at a time when it has become a national priority,” Cyclic Materials CEO Ahmad Ghahreman said in a news release.
“This additional capital will enable us to move faster in South Carolina and across the U.S., accelerate the expansion of our Hub-and-Spoke network, produce more rare earths and critical minerals domestically and return them to American manufacturing,” Ghahreman said.
