REEcycle

A U.S. rare earth magnet recycler, now headquartered in Duncan, Oklahoma, that recovers Nd, Pr, Dy and Tb oxides from end-of-life NdFeB magnets; it is commissioning a 6-8 t/yr demonstration plant in Oklahoma and is merging with a Nasdaq-listed SPAC.

Points to check

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

The Form S-4 states REEcycle has not generated material revenue and that its cash will fund operations only for a limited period (S-4, October 1, 2026).
The merger has not closed; it requires HCAC shareholder approval and S-4 effectiveness, with an outside date of December 31, 2026 (HCAC 8-K, June 2026).
Binding PIPE subscriptions were $2.1 million as of September 30, 2026, against a $40 million minimum cash condition (S-4).
The S-4 states there is no fairness opinion from an outside party; the HC Singapore report is by a sponsor affiliate (S-4).
The demonstration plant's site partner and the data center feed partner are not named (HCAC/REEcycle release, June 1, 2026).

At a glance

Founded: Not established in public sources — Built on University of Houston research; CB Insights lists founding in 2014. Acquired in 2022, when Mick McMullen became executive chairman. Reach Resources describes REEcycle Holdings as formerly REEgenerate Pty Ltd.
Headquarters: Duncan, Oklahoma, United States (Delaware corporation); formerly Houston, Texas
Ownership: Private, pending a business combination with Hall Chadwick Acquisition Corp. (Nasdaq: HCAC). Reach Resources Limited (ASX: RR1) holds about 4.9%. Holders of more than 50% of REEcycle common stock signed the Transaction Support Agreement.
Stage: Developing. DoD-funded ($5.1M) demonstration plant of 6-8 t/yr rare earth oxide being commissioned in Oklahoma (2026); first commercial plant of 100 t/yr targeted for 2027 with no construction reported; SPAC merger pending.
Listing: Private. Private. Definitive agreement (May 31, 2026) to merge with Hall Chadwick Acquisition Corp. (Nasdaq: HCAC); Form S-4 filed October 1, 2026, not yet effective; combined company to be REEcycle Inc. on Nasdaq. Reach Resources (ASX: RR1) holds about 4.9%.
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.

What	Figure	Status	As of
Oklahoma demonstration plant, rare earth oxide output (design)	6-8 t/yr rare earth oxide	Pilot scale	Jun 2026
First commercial facility, output (target)	100 t/yr by 2027	Announced	Jun 2026
Commercial facility in the DoD award scope, rare earth production (estimate)	About 50 t/yr	Announced	Jan 2025
Merger earnout milestone: single commercial facility, mixed rare earth oxide run rate over 22 consecutive working days	50 t/yr annualized	Announced	May 2026

Narrative

REEcycle recovers neodymium, praseodymium, dysprosium and terbium from end-of-life NdFeB magnets with a hydrometallurgical process that grew out of University of Houston research. The company was acquired in 2022, when Mick McMullen became executive chairman. Rare Resource Recycling Inc., then based in Houston, received a $5.1 million Defense Production Act Title III award announced in January 2025 to restart an idled demonstration facility and commission a commercial facility, which the Department of Defense put at about 50 t/yr. CEO Rasmus Gerdeman said at the time that the company disassembles hard disk drives rather than shredding them and had built up magnet inventory with a large scrap collector. On June 1, 2026, Hall Chadwick Acquisition Corp. (Nasdaq: HCAC), a SPAC holding about $207 million in trust, announced a definitive business combination agreement with REEcycle Holdings, Inc. valuing it at $400 million in stock, of which $50 million depends on a single commercial facility reaching an annualized run rate of 50 t/yr of mixed rare earth oxide. The release said a demonstration plant designed for 6 to 8 t/yr of rare earth oxide was being commissioned at a co-location site in Oklahoma, that a DRA Global engineering study for a first commercial facility targeting 100 t/yr by 2027 was due in the second quarter of 2026, that the plan calls for three to four U.S. plants at about $40 million each, and that $4.3 million of the $5.1 million award remained, disbursed monthly against spend. A drive disassembly pilot with an unnamed data center partner was completed in the fourth quarter of 2025. The Form S-4 filed October 1, 2026 lists the principal office in Duncan, Oklahoma, states that REEcycle has not generated material revenue and that its cash will fund operations only for a limited period, and shows $2.1 million of PIPE subscriptions as of September 30, 2026 against a $40 million minimum cash condition. Closing requires HCAC shareholder approval and S-4 effectiveness, with an outside date of December 31, 2026. ASX-listed Reach Resources holds about 4.9% of REEcycle.

Where public sources disagree

Commercial capacity: the January 2025 Defense Post report of the DoD award gives about 50 t/yr for the commercial facility; the June 1, 2026 HCAC/REEcycle release targets 100 t/yr by 2027.
Award amount: the Defense Post and the Reshoring Initiative listing give $5.1 million; the Metal Tech News article body gives $5.2 million while its headline says $5.1 million.
Headquarters: the Defense Post (January 2025) and CB Insights give Houston, Texas; the Form S-4 (October 1, 2026) gives Duncan, Oklahoma.
Founding: CB Insights lists 2014; the June 2026 release dates the current company from a 2022 acquisition; Reach Resources describes REEcycle Holdings as formerly REEgenerate Pty Ltd.

Sources

Hall Chadwick Acquisition Corp. Form S-4 (REEcycle co-registrant) — SEC EDGAR (2026-10-01)
HCAC announces definitive business combination with REEcycle (release) — Tiger Brokers (GlobeNewswire) (2026-06-01)
Texas firm wins $5.1M DPA award for rare earths from e-waste — The Defense Post (2025-01-23)
HCAC 8-K: business combination agreement — SEC EDGAR (2026-06-03)
Reach Resources: REEcycle business combination — ASX (Reach Resources, RR1) (2026-06-02)
Rare earth processor lands $5.1M in defense funds — Resource Recycling (2025-01-30)
Joint release: S-4 filed — SEC EDGAR (8-K Exhibit 99.2) (2026-10-02)
HCAC announces business combination (copy) — Investing News Network (2026-06-01)
DoD awards $5.1M in REEcycle rare earths tech — Metal Tech News (2025-01-29)

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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