Rare earth element recycler Cyclic Materials to expand after $53M Series B funding round
A Canadian company called Cyclic Materials is working to create a circular supply chain for rare earth elements (REEs) using advanced recycling processes. The company just secured $53 million via a Series B equity round to accelerate its global expansion and recycling infrastructure.
Cyclic Materials was founded in Toronto in the fall of 2021 following a successful seed round. From there, the Rare Earth Element (REE) recycling specialist began developing and scaling its proprietary technology capable of economically and sustainably recovering critical raw materials from end-of-life EV motors, wind turbines, MRI machines, and other electronic waste.
Rather than focus on one particular component, such as batteries, the company specializes in recycling rare earth magnets – a type of permanent magnet made from alloys of rare earth elements, which are part of a set of seventeen chemical elements in the periodic table. To do so, Cyclic Materials has already introduced its “Mag-Cycle” (Spoke) and “REEPure” (Hub) processes and has proven their capabilities at the bench scale.
Following a REEPure pilot in the fall of 2022, Cyclic Materials has proven its continuous magnet processing capacity of 10 Tons per year, which is plausible. This milestone caught the attention of several outside investors who joined a successful series A funding round in the spring of 2023, including BMW i Ventures (BiV), Energy Impact Partners (EIP), as well as government funding from the Sustainable Development Technology Council of Canada (SDTC).
Since then, the company has launched a Mag-Cycle pilot facility with a design capacity of 8,000 tons per year, as well as a REEPure commercial demonstration facility with a magnet processing design capacity of 100 tons of rare earth elements per year.
Today, Cyclic Materials announced another successful round of funding totaling $53 million.
Cyclic gains more funding to recycle rare earth materials
According to a release from Cyclic Materials this morning, it has completed an oversubscribed Series B equity round totaling $53 million. The latest round was led by ArcTern Ventures and welcomed new investors such as BDC Capital’s Climate Tech Fund, Hitachi Ventures, and Microsoft’s Climate Innovation Fund. Existing investors like Fifth Wall, BMW i Ventures, Energy Impact Partners, and Planetary Technologies also participated.
With its Series B round now complete, Cyclic Materials has raised $83 million to date. It intends to use the capital to establish rare earth element recycling infrastructure in the US and Europe and grow its internal team. Company co-founder and CEO Ahmad Ghahreman elaborated:
We’re energized to partner with the world’s top sustainability-focused infrastructure and corporate investors to scale our technology’s impact. This funding underscores the confidence in our ability to create the circular economy for rare earths needed for the clean energy transition. Not only is our technology essential for supporting sustainable domestic production of rare earths, but it will also play a critical role in re-establishing North American and European leadership in the rare earths industry.
Much like benefits touted by other rare earth element recyclers like Redwood Materials, for example, Cyclic Materials’ magnet recycling process delivers significant environmental benefits compared to traditional mining processes, including a reduced carbon footprint and “unparalleled water efficiency.”
Cyclic Material’s successful Series B funding joins a recent $3.6 million grant awarded by Natural Resources Canada. Both combine to support the continued operation of Cyclic Materials’ “Hub100” commercial demonstration facility (seen above), which produces high-purity rare earth elements from recycled magnet material.
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The new and improved 2026 Kia EV9 and 2025 EV6 are eligible for the $7,500 federal EV tax credit, but one trim is excluded.
Do the Kia EV6 and EV9 qualify for the federal tax credit?
Kia’s first dedicated electric vehicle, the EV6, received some pretty major upgrades for its mid-cycle update this year.
The 2025 EV6 features a bigger battery providing more range (now up to 319 miles), a stylish interior and exterior redesign, and an NACS port for charging at Tesla Superchargers.
Kia’s first three-row electric SUV, the EV9, also has a native NACS charging port and will be the first model year to offer a high-performance GT trim.
We got a good look at the EV9 GT at the LA Auto Show last year (check it out here). The sporty electric SUV boasts 501 hp, which is quite a bit more than the current GT-Line’s 379 hp. The added power is enough for the big-body SUV to move from 0 to 60 mph in just 4.3 seconds.
Although Kia America’s vice president of sales, Eric Watson, confirmed the EV6 and EV9 are now in “full-scale production” at its plant in West Point, Georgia, not all trims will qualify for the $7,500 federal tax credit.
According to CarsDirect, Kia told dealers that the 2025 EV6 and 2026 EV9 GT trims wouldn’t be eligible for the credit. A spokesperson said the exclusion is because Kia builds the EV6 GT and EV9 GT in South Korea, while all other trims are assembled in Georgia.
If Trump’s 25% tariff on South Korea is still in effect when the GT models launch in the US, it could create a significant price gap between trims.
Despite this, you will likely still be able to take advantage of the credit through leasing. Kia, like many, is passing the $7,500 on through lease cash, which can significantly cut monthly payments.
Kia will reveal more info, including prices, closer to launch. Check back soon. We’ll keep you updated with the latest.
With the new models arriving soon, Kia is offering clearance pricing on outgoing models. Monthly leases start as low as $179. You can use our links below to find deals on the Kia EV6 and EV9 near you.
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Donald Trump is expected to sign executive orders today to resuscitate the US coal industry – here’s why this is a complete waste of time.
Once again, using “emergency authority” by citing the growing power needs from data centers, EVs, and AI, the executive orders will allow some old coal-fired power plants scheduled for retirement to stay online.
The orders will also direct federal agencies to identify coal resources on federal lands, lift barriers to coal mining barriers, and prioritize coal leasing on US lands.
An Obama-era moratorium that paused coal leasing on federal lands will officially be acknowledged and federal agencies will be required to scrap policies moving away from US coal production. Trump also wants to boost coal exports and speed up coal technology development.
Electrek’s Take
The coal and mineral industry is happy about this executive order, as well as the EPA recently giving them a free pass to pollute, and the MAGA crowd might think this is great, but no one else thinks this clever.
Trump can try to pretend that coal is “clean,” but it doesn’t change the fact that coal is the dirtiest of fossil fuels – its emissions killed 460,000 people between 1999 and 2020. Plus, it’s not even cost-effective – even natural gas is cheaper than coal. And these plants are old – the average age of the plants that are online is 53.
Coal has been in decline for a long time – it peaked in 2007. As I just wrote last month, coal fell to a record low of 15% of total electricity generation in the US in 2024, and wind and solar accounted for 17% of total electricity generation. That’s right – wind and solar successfully provided more power generation in the US than coal last year.
And while electricity demand will indeed skyrocket over the following decades, clean energy is capable of meeting that demand. The Energy Information Administration projects that in 2025, 93% of new power added to the US grid will be from solar, wind, and battery storage.
In an emailed statement, Kit Kennedy, managing director for power at the Natural Resources Defense Council, questioned whether a mandate for Americans to commute by horse and buggy would be next. It’s a fitting sentiment because the fact that I’m even writing a story in 2025 about why trying to revive coal is a bad idea feels ludicrous. Trump seems to forget he’s not William McKinley and this isn’t 1900.
Read more: Renewables to continue driving US power generation growth – EIA
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After a few “technical advances,” BMW is upgrading its EVs with more driving range, features, and options. All BMW i5 models now have more range, while the 2026 iX has an EPA-estimated driving range of up to 364 miles.
BMW iX and i5 EVs gain more range
BMW announced 2025 model year updates coming this spring with a few exciting improvements to look forward to.
The BMW i5 eDrive40 features up to 310 miles of range, up from 295 miles in the outgoing model. Meanwhile, the i5 xDrive40 has a driving range of up to 278 miles, up from 266 miles in the 2025 model year.
BMW said that the improvements are due to “a number of technical advances that reduce energy consumption, and, thus, improve their range.” The new i5 uses a more efficient, more powerful SiC inverter, which also powers the new 2026 iX.
All BMW 5 Series models are available with a new Frozen Portimao Blue metallic paint color. Two new Merino leather interior colors have also been added: Dark Violet/Atlas Grey and Taupe/Atlas Grey.
| BMW i5 model | Driving Range (increase from MY2025) |
| i5 eDrive40 (19-in wheels) | 310 mi (+ 5%) |
| i5 eDrive40 (20-in wheels) | 300 mi (+ 8%) |
| i5 eDrive40 (21-in wheels) | 278 mi (+ 3%) |
| i5 xDrive40 (19-in wheels) | 278 mi (+ 5%) |
| i5 xDrive40 (20-in wheels) | 272 mi (+ 4%) |
| i5 xDrive40 (21-in wheels) | 259 mi (+ 4%) |
Although BMW revealed the 2026 iX earlier this year, the company now says it has an even greater EPA-estimated range than it projected.
The 2026 BMW iX xDrive60 is rated with a range of 364 miles when equipped with 20″ Aero wheels on summer tires, 7% higher than the 340 miles it initially expected. It’s also a drastic improvement from the 309-mile rating for the 2025MY.
Despite the upgrades, BMW’s electric SUV gets a $12,100 price cut thanks to a new entry-level xDrive45 model, which starts at just $75,150.
| Horsepower | Starting Price* | Driving Range | |
| 2026 BMW iX xDrive45 | 402 hp | $75,150 | 312 miles |
| 2026 BMW iX xDrive60 | 536 hp | $88,500 | 364 miles |
| 2026 BMW iX M70 | 650 hp | $115,500 | 303 miles |
BMW fine-tuned the exterior, which now includes new vertical headlights and a revamped Kidney Grille that illuminates.
The 2026 BMW iX is also the first BMW to feature its new Curved Display OS with video streaming, in-car gaming, and more.
Ready to try out BMW’s electric cars for yourself? We can help you get started. Check out our links below to find BMW iX and i5 models near you.
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