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Canada

Cyclic Materials

A private Canadian recycler of NdFeB magnets. Its Spokes mechanically recover magnet concentrate from end-of-life products, and its Hubs convert it by hydrometallurgy into recycled mixed rare earth oxide, which customers then separate.

Points to check

Facts from the sources on this page that a reader should weigh before relying on the company's own figures.

At a glance

Founded
2021 — Founded in 2021 in Kingston, Ontario; CEO and co-founder Ahmad Ghahreman. Ran a 2022 proof of concept, a mechanical pilot plant in Kingston (Dec 2023) and the Hub100 hydrometallurgy facility in Kingston (Jun 2024) before opening its first commercial-scale Spoke in Mesa, Arizona on 9 Sep 2026.
Headquarters
Toronto, Ontario, Canada (founded in Kingston, Ontario; operations in Kingston ON, Mesa AZ, planned McBee SC)
Ownership
Private. Total equity raised US$237M as of 27 Aug 2026. Investors named by the company: accounts advised by T. Rowe Price Associates (lead of Jan 2026 Series C and Aug 2026 round), Canada Growth Fund (US$25M), Energy Impact Partners, BMW i Ventures, ArcTern Ventures, Microsoft Climate Innovation Fund, Amazon Climate Pledge Fund, Hitachi Ventures, InMotion Ventures (Jaguar Land Rover), BDC Capital, Fifth Wall, Planetary Technologies, Zero Infinity Partners, Climate Investment, Bioindustrial Innovation Canada, ERI (strategic, Aug 2026). A PSP Investments disclosure states BMW i Ventures owns roughly 10% of Cyclic.
Stage
  • Cyclic Materials — Mesa, AZ (Spoke): Ramping. Opened on September 9, 2026 to recover magnet concentrate from scrap; more than 7,000 t of feed had been delivered by then.
  • Cyclic Materials — McBee, SC (Spoke + Hub): Early stage. A US$82 million site announced with South Carolina support; groundbreaking is planned for Q4 2026 and operations for 2028.
  • Cyclic Materials: Ramping. Hub100 in Kingston has made recycled mixed rare earth oxide since June 2024 at a 100 t/yr design rate; the larger Kingston center was due in Q1 2026 and has not been announced as open.
Listing
Private.
Revenue
Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

WhatFigureStatusAs of
Magnet-bearing end-of-life products processed (input), Mesa AZ SpokeUp to 25,000 metric tons/yr (nameplate); >7,000 t of feedstock delivered by 9 Sep 2026; reported running at 8 t/hr (secondary source citing MINING.com site visit)CommissionedSep 2026
Magnetic material recycled to rMREO (input), Kingston Hub100100 t/yr (design)OperatingJun 2024
Magnet-bearing products through mechanical pilot line (input), Kingston1,000 kg/hr = 8,000 t/yr (design); early runs several t/dayPilot scaleDec 2023
Magnet-rich feedstock converted to rMREO (input), Kingston Center of Excellence Hub500 t/yr (design)DelayedJun 2025
Magnet material input to Hub, McBee SC2,000 t/yr initially, expandable to 6,000 t/yr (announced design)AnnouncedJan 2026
Mixed rare earth oxide (MREO) output, McBee SC Hub600 t/yr initially, expandable to 1,800 t/yr (announced design)AnnouncedJan 2026

Narrative

Cyclic Materials was founded in 2021 in Kingston, Ontario, and is now headquartered in Toronto. It recycles NdFeB magnets from end-of-life products and magnet-production swarf in two steps: MagCycle, a mechanical process at sites the company calls Spokes, produces Mag-Xtract magnet concentrate plus copper, aluminum and steel; REEPure, a hydrometallurgical process at Hubs, turns that material into recycled mixed rare earth oxide (rMREO). The company does not separate individual oxides or make metal. In Kingston it opened a mechanical pilot line in December 2023 (design input 8,000 t/yr) and the Hub100 facility in June 2024 (design capacity to recycle 100 t/yr of magnet material into rMREO). In June 2025 it announced a US$25M Kingston Center of Excellence designed to convert 500 t/yr of magnet-rich feedstock to rMREO, with operations targeted for Q1 2026; no opening announcement was found as of October 16, 2026. Its first commercial-scale Spoke, in Mesa, Arizona, opened on September 9, 2026, with nameplate input of up to 25,000 metric tons/yr of magnet-bearing end-of-life products and more than 7,000 t of feedstock delivered by opening; it had been announced in April 2025 with commercial operation targeted for early 2026. In January 2026 the company announced a campus of more than US$82M in McBee, South Carolina, combining a Spoke and what it calls its largest Hub, designed for 2,000 t/yr of magnet material input (expandable to 6,000 t/yr) and 600 t/yr of mixed rare earth oxide output (expandable to 1,800 t/yr); groundbreaking is targeted for Q4 2026 and operations for 2028. Solvay signed a supply agreement in June 2024 to take rMREO at La Rochelle, France, with no volumes disclosed. Vacuumschmelze signed a 10-year exclusive agreement in October 2025 for all swarf from its Sumter, South Carolina plant. Neo Performance Materials signed a non-binding MOU in March 2026, and ERI formed a feedstock partnership in July 2026. Total equity raised reached US$237M after a US$75M round in August 2026 led by accounts advised by T. Rowe Price. Government support includes a CAD 4.9M Natural Resources Canada contribution (September 2024) and South Carolina job development credits plus a US$500,000 grant to Chesterfield County.

Where public sources disagree

Sources

  1. Mesa opening release — Cyclic Materials via Business Wire (2026-09-09)
  2. US$75M strategic financing — Cyclic Materials via Waste360 (2026-08-27)
  3. South Carolina campus release — Cyclic Materials (2026-01-29)
  4. Hub100 opening — Cyclic Materials via Business Wire (2024-06-06)
  5. Kingston Center of Excellence plan — Waste & Recycling Magazine (Canada) (2025-06-26)
  6. Solvay supply agreement — Solvay (2024-06-18)
  7. VAC 10-year Sumter swarf agreement — Vacuumschmelze (2025-10-22)
  8. Neo non-binding MOU — Neo Performance Materials (2026-03-02)
  9. ERI partnership — ERI (2026-07-27)
  10. ERI investment — Resource Recycling (2026-09-29)
  11. Series C US$75M — Cyclic Materials via Business Wire (Joplin Globe) (2026-01-23)
  12. Canada Growth Fund US$25M — PSP Investments disclosure (2026-01-23)
  13. SC Governor: McBee campus — Office of the Governor of South Carolina (2026-01-29)
  14. McBee capacities — Automotive Recyclers Association (2026-02-03)
  15. McBee groundbreaking moved to Q4 — PDB2B (2026-09-09)
  16. Mesa opening (GPEC) — Greater Phoenix Economic Council (2026-09-09)
  17. Mesa opening coverage — Manufacturing Dive (2026-09-10)
  18. Mesa announcement — Cyclic Materials via Business Wire (2025-04-23)
  19. Mesa process notes (8 t/hr) — Geomechanics.io (citing MINING.com) (2026-09-10)
  20. Kingston pilot plant — Cyclic Materials via Business Wire (2023-12-12)
  21. Series B CAD 71M — BetaKit (2024-09-25)
  22. Amazon joins Series B — BetaKit (2025-04-15)
  23. Series A US$27M — BMW Group (2023-04-25)
  24. NRCan CMRDD CAD 4.9M — Natural Resources Canada (2024-09-04)
  25. NRC-IRAP contribution — Government of Canada open data (2025-03-04)
  26. Kingston Center of Excellence (local) — Kingstonist (2025-06-12)
  27. Wind turbine and MRI feedstock — Cyclic Materials via Business Wire (2024-02-27)
  28. Company news archive — Cyclic Materials (2026-10-16)
  29. Magnet separation technology page — Cyclic Materials (2026-10-16)

How this page is sourced

Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.

What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.

Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.

Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.

Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.

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