In a stunning demonstration of investor interest in magnet recycling, Cyclic Materials of Toronto has successfully closed an oversubscribed $53 million Series B equity round, bringing the company’s total equity raised to $83 million. Cyclic […]
Recycling magnets from computer hard drives has garnered the attention — and opened the wallet — of Microsoft’s Climate Innovation Fund. It’s one of several new avenues that Cyclic Materials of Toronto is pursuing to gather more magnets into its supply stream and extend the reach for its technology. Auto salvage in the UK is another, marking the company’s first overseas feedstock deal – and with ties to parent companies IAA and Ritchie Auctions which have extensive worldwide operations in the used vehicle business. […]
Startup recycler Cyclic Materials is stepping out to commercial operation with the opening of its first-phase plant in Canada and two new supply chain deals – one with Solvay in Brussels and another with Vacuumschmelze of Germany who has a new magnet plant now under construction in the USA.
In early June, the Toronto-based company opened its Hub100 plant in Kingston, Ontario. The plant is the first scaled version of Cyclic’s hydrometallurgical technology, REEPure, and is positioned to demonstrate the feasibility of the technology at a commercial scale. The plant has a design capacity to recycle 100 tons of magnetic material per year, producing recycled mixed rare earth oxides (rMREO) that can be reused in the rare earth magnet supply chain, as well as nickel and cobalt hydroxides. […]
Global chemicals giant Solvay and French rare earths consultancy Carester are planning to form a strategic partnership aimed at leveraging the expertise of both companies to pursue manufacturing opportunities within the rare earth industry for the permanent magnets value chain in Europe. The collaboration, announced in March as a signing of a memorandum of understanding, will enable both companies to enhance their respective strengths in the rare earths industry, with Solvay contributing its industrial assets and operational experience, and Carester bringing expertise in recycling end-of-life equipment, upstream market knowledge and related activities. […]
Swedish Automaker Polestar Designs New PM Motors for Its High-Performance EVs, Plans Magnet Recyclingwith Cyclic MaterialsSwedish automaker Polestar is rapidly expanding its production of electric vehicle models with high power output and speedy performance. Begun […]
Cyclic Materials, a startup advanced metals recycling company in Canada intent on building a circular supply chain for rare earth elements (REEs) and other critical metals, has expanded its operations to accept two new feedstock […]
e-VAC Magnetics, part of Vacuumschmelze, has been awarded a $111.9 million Qualifying Advanced Energy Project Tax Credit to advance the construction of its first USA magnet manufacturing facility in Sumter, South Carolina. The facility was […]
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