New magnet-recycling tech aims to recover rare earths from waste with $75M funding

Cyclic Materials has raised $75 million in new funding, bringing its total equity to $237 million, to expand rare earth recycling across the United States. The company recovers critical minerals from old magnets and scrap materials, then refines them for use in AI, defense, robotics, and automotive industries. A new recycling campus in South Carolina is planned for late 2026, reducing U.S. dependence on foreign mineral sources.