Jaguar Land Rover (JLR) will be giving $2 million to Canadian rare earth materials recycler Cyclic Materials via the automaker’s investment arm InMotion Ventures.
The Canadian recycling company intends to help build a circular supply chain for Rare Earth Elements and other critical materials,
BMW i Ventures, Microsoft and Hitachi are among other investors of the Canadian brand. This latest backing lifts the company’s Series B funding round to $55 million.
Managing Director at InMotion Ventures, Mike Smeed, said:
“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.”
Rare Earths Elements (REEs) are a key component in permanent magnets, which are found in electric vehicles (EV), data centres and wind turbines.
Despite their significance, less than 1% of REEs are currently recycled, while the global demand already exceeds supply and is projected to grow threefold by 2030.
Cyclic have stated the fund has invested in a range of technologies, including supply chain traceability, battery repair, re-use and recycling, and rare earth magnets recycling. They have also promised to use this investment to accelerate the expansion of its North American and European operations.
Ahmad Ghahreman, CEO of Cyclic Materials, said:
“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.”
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