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The Toronto-based critical mineral recycling company will use the equity funding round to build its South Carolina campus starting in the fourth quarter. T. Rowe Price led the round, with California electronics recycler ERI participating. (The Logic)
Talking point: The company, which recovers rare earth metals from electric motors in cars, wind turbines and MRI machines to reuse in new technologies, said it aims to bolster U.S. rare earth production with its recycling operations. The White House, which has been pushing for more control of the global critical mineral supply chain to better compete with China, declared that recovered rare earth magnets are “essential to the national defence” in a July 30 presidential memo. Cyclic Materials, which is also backed by BMW, Amazon and Microsoft, said the funding would contribute to the White House’s goal of securing critical minerals for American manufacturers.
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