Jaguar Land Rover invests $2M in rare earth magnets recycling 

Jaguar Land Rover’s investment arm InMotion Ventures has invested $2 million in rare earth magnets recycling company Cyclic Materials, bringing its Series B funding round to $55 million.

Jaguar Land Rover’s InMotion Ventures has invested in a range of technologies including supply chain traceability, battery repair, reuse and recycling, and now, rare earth magnets recycling.

“Cyclic Materials is leading the way in creating a sustainable supply chain for rare earth elements (REEs) and critical materials,” said Mike Smeed, managing director at InMotion Ventures. “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.”

Cyclic Materials says it will use the investment to accelerate the expansion of its operations across North America and Europe, boost its processing capabilities, and refine its recycling technologies.

This Series B extension builds on Cyclic Materials’ earlier $53 million round that already has the backing of BMWi, Microsoft, and Hitachi.

Rare earth magnet recycling

Rare earth magnets are a type of permanent magnet made from alloys of REEs, which are part of a set of 17 chemical elements in the periodic table. Rare earth magnets, particularly neodymium magnets, are essential in electric traction motors in EVs. Their strong magnetic fields help deliver high performance and efficiency, which extend an EV’s driving range and reduce battery load.

Rare earth magnets can also be found in everything from data centers and wind turbines to cell phones and power tools. 

However, less than 1% of REEs are currently recycled, while the global demand already exceeds supply and is projected to grow threefold by 2030. Ontario-based Cyclic Materials says its proprietary MagCycle and REEPure technologies recycle REEs from a wide range of end-of-life products, establishing a circular supply chain for recycled Mixed Rare Earth Oxides.

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