Cyclic Materials
Cyclic Materials is a Critical Minerals & Mining Tech company founded in 2021 and based in Kingston, Canada. It has raised $162M in total funding, most recently a Series C in 2026.
Founded in 2021 by hydrometallurgist Ahmad Ghahreman (CEO) and based in Kingston, Ontario, Cyclic Materials recovers rare earth elements and other critical metals from end-of-life products such as EV motors, wind-turbine magnets and electronic waste. Its proprietary MagCycle and REEPure processes separate and purify rare earths to reduce reliance on primary mining and China-dominated processing. The company closed an oversubscribed $75M Series C in January 2026 led by accounts advised by T. Rowe Price with participation from the Canada Growth Fund, pushing total equity funding past $162M, and is building recycling capacity in the US, including campuses announced for Mesa, Arizona and McBee, South Carolina.
Cyclic is one of the most-funded attempts to make rare earth recycling a real industrial supply chain as Western governments scramble to reduce dependence on Chinese magnets.
cyclicmaterials.earth ↗·Critical Minerals & Mining Tech·
Canada·private 
