Cyclic Materials’ US$75m rare earth recycling push: project notes for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Cyclic Materials has secured a US$75 million strategic financing round, led by T. Rowe Price–advised accounts and backed by investors including Microsoft, Amazon, BMW i Ventures and Hitachi Ventures, lifting its total equity funding to US$237 million. The capital will accelerate its Hub-and-Spoke rare earth recycling network, including an Arizona magnet separation and critical mineral recycling plant due online in Q3 2026 and a South Carolina campus breaking ground in Q4 2026. The South Carolina facility will integrate proprietary magnet separation, rare earth recovery and refining to process end-of-life permanent magnets, swarf and other critical-mineral-bearing scrap designated as defence-priority feedstock in recent US policy.
Technical Brief
- South Carolina campus will co-locate magnet separation, rare earth recovery and refining on one integrated site.
- Hub-and-Spoke network design centralises refining while distributing pre-processing at multiple US spoke facilities.
- Design feedstock includes end-of-life permanent magnets, manufacturing swarf and other critical-mineral-bearing scrap.
- Policy designation frames these recycled materials as “recoverable resources essential to national security”.
- Target markets span AI, semiconductors, robotics, defence, automotive and medical advanced manufacturing supply chains.
- Investor syndicate includes Energy Impact Partners, Jaguar Land Rover, BMW i Ventures and Hitachi Ventures.
- T. Rowe Price–advised accounts led the round, having first backed Cyclic Materials in 2025.
Our Take
The Arizona magnet separation plant and South Carolina recycling campus position Cyclic Materials as one of the few rare earths players in our Mining database with parallel US assets coming online within the same 2026 Q3–Q4 window, which can materially de‑risk feedstock and logistics for downstream OEMs.
The earlier piece on Cyclic Materials’ McBee, South Carolina campus noted integration with a Spoke–Hub model; pairing that with ERI’s multi-centre recycling network suggests this new financing is likely to accelerate a distributed collection system feeding a central rare earths upgrading hub in the US Southeast.
Energy Impact Partners also led the US$35 million round for Voya Energy, so its repeat role here signals a deliberate build-out of a critical minerals and clean-tech portfolio in the US, with rare earths and aluminium technologies both targeting grid-scale and mobility supply chains.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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