- Cyclic Materials, which has a goal of creating a global circular supply chain of rare earth elements that will be critical for the future of EVs, has had its Series B round of funding extended to an impressive $55 million, after Jaguar Land Rover (JLR)’s investment arm, InMotion Ventures, made a $2 million investment in the firm.
- This $55 million worth of Series B funding will go towards the opening of its first commercial facilities to be built in the U.S. and Europe.
- The firm already estimates that demand for rare earth elements will triple by 2030, underlining the importance of Cyclic Materials’ growth ahead of this date.
JLR’s investment arm backs Cyclic Materials’ circular economy ambition
Cyclic Materials, which has been already been backed by other automotive-focussed venture capital firms such as BMW i Ventures, is planning to address growing demand for rare earth elements that are crucial for permanent magnets, found in a variety of electronic goods – including electric vehicles. Less than 1% of these elements are currently recycled, which is where Cyclic Materials is hoping to establish a circular supply chain to ensure ready supply of such elements in the future.
The investment from InMotion Ventures is a strategic one. Not only is it betting on the firm’s future growth, but the preservation and reuse of rare earth elements will be crucial for JLR’s future EV ambitions – particularly with its Jaguar brand already going fully electric.
Ahmad Ghahreman, CEO of Cyclic Materials, commented on the investment:
“We are thrilled to welcome InMotion Ventures as a key investor, extending our Series B with an additional $2 million. Their investment highlights the surging importance of sustainable solutions in the automotive industry. We are honored to have one of the UK’s most active corporate funds as partners as we deploy our rare earth recycling infrastructure across North America and Europe.”
Mike Smeed, Managing Director at InMotion Ventures, added:
“Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements and critical materials. Their innovative technologies address a vital need for rare earth magnets recycling, supporting the automotive industry’s transition toward a cleaner and more resilient future.”