Cyclic Materials
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Cyclic Materials Secures Multi-Year Agreement to Supply Recycled Copper to Global Natural Resources Company Glencore
Cyclic Materials, an advanced metals recycling company building a circular supply chain for rare earth elements (REEs) and other critical metals, today announced the signing of a multi-year offtake agreement with Glencore, a global natural resources company, for the supply of copper produced at its Spoke operations. The strategic partnership aims to advance sustainable practices in the rare earths industry and drive copper circularity while addressing the growing demand for securing recycled materials central to the energy transition.
Under the terms of the agreement, Cyclic Materials will provide high-quality copper, which is extracted and processed from recycled electronic scrap. Glencore will further process and refine this copper at the Horne Smelter and Canadian Copper Refinery (CCR) into copper cathode that can be reutilized in new end-products. Copper is just one of the eight critical materials used in many technologies related to electrification and the energy transition due to its natural conductivity, as defined by the United States Department of Energy. This collaboration aligns with both companies’ commitment to reducing environmental impact and waste through promoting responsible use of all available resources.
This partnership marks a significant effort in transforming the global approach to recycling critical materials and maximizing supply chain resilience, providing a sustainable local alternative. Recycling and reusing valuable materials like copper, as opposed to discarding the hidden sources of the material in electronic waste and industrial byproducts, helps to offset the footprint of resource extraction.
Cyclic Materials Secures USD $53M Series B Funding to Accelerate Global Expansion of Rare Earth Recycling Infrastructure
Cyclic Materials, the advanced recycling company creating a circular supply chain for rare earth elements (REEs) and other critical materials, announced it has successfully closed an oversubscribed USD $53 million Series B equity round. The funding round was led by ArcTern Ventures and supported by new investors BDC Capital’s Climate Tech Fund, Hitachi Ventures, Zero Infinity Partners, Climate Investment, and Microsoft’s Climate Innovation Fund. Existing investors Fifth Wall, BMW i Ventures, Energy Impact Partners, and Planetary Technologies also participated in the round.
This funding brings the company’s total equity raised to over USD $83 million and will enable Cyclic Materials to fast-track its international growth. Cyclic Materials will deploy this capital to build rare earth recycling infrastructure in the US and Europe, and grow its team to support its world-class operations. Importantly, Cyclic Materials’ process of recycling these rare earth materials from magnets achieves significant environmental benefits in comparison to traditional mining processes, including a reduced carbon footprint and unparalleled water efficiency.
Cyclic Materials Raises $27m Series A to Scale Advanced Critical Metals Recycling Technology
Cyclic Materials, an advanced metals recycling company focused on producing critical materials, announced it has raised $27 million in an oversubscribed Series A financing. The round was led by Energy Impact Partners (EIP) and BMW i Ventures (BiV) and included participation from Fifth Wall, Bioindustrial Innovation Canada (BIC), and existing Cyclic Materials investor Planetary Technologies. This funding round brings the company’s total capital raised to over $30 million and will contribute to the scale up of its technologies.
Founded in 2021, Cyclic Materials is creating a more sustainable, domestic supply chain for rare earth elements (REEs) and other metals through an innovative 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, Cyclic Materials’ process recycles copper, aluminum, steel, cobalt, and nickel – metals that are also required for electrification and decarbonization. Electric vehicles, for example, require two and a half times as much copper as internal combustion vehicles. Beyond electric vehicles, copper is necessary for renewables, transmission & distribution infrastructure, and battery storage technologies.