Canada Growth Fund Invests US$25 Million in Cyclic Materials to Strengthen Canada’s Rare Earth Supply Chain

Canada Growth Fund Inc. (“CGF”) announced today a US$25 million investment in Cyclic Materials, Inc. (“Cyclic” or the “Company”), a Canadian cleantech leader developing innovative recycling technologies for rare earth elements (“REEs”). CGF is investing to support Cyclic in expanding its Center of Excellence in Kingston, Ontario, and is accelerating the Company’s Canada-based research and development (“R&D”) footprint. This transaction forms part of a US$75 million Series C preferred equity round designed to accelerate Cyclic’s global commercialization and advance its R&D. The round is led by T. Rowe Price Associates, Inc. (“T. Rowe Price”) – one of the world’s leading investment management firms – alongside continued support from existing shareholders. 

CGF seeks opportunities to support Canadian cleantech leaders together with private investors as they develop and commercialize innovative technologies of strategic importance to the country. By investing in Cyclic, CGF is enabling the scale-up of North America’s REE processing capabilities, which are essential for building a domestic REE supply chain and strengthening regional resilience through an onshore critical minerals supply chain. This investment directly supports Cyclic’s commercial deployment, anchoring core functions of its intellectual property ("IP") as well as its headquarters in Canada, while contributing to the creation of high-quality, skilled jobs in Ontario and within Canada’s domestic clean-technology and critical-minerals ecosystem.

“This transaction positions Cyclic to accelerate its research and development and fast-track the commercialization of its breakthrough technology,” said Yannick Beaudoin, President and Chief Executive Officer of Canada Growth Fund Investment Management (“CGFIM”). “By funding Cyclic at this pivotal stage of growth, CGF is pleased to support supply chains of strategically important critical minerals processing capabilities in a sector that is strategic to the country’s economic future.”

“Cyclic is at a pivotal moment in its growth, and CGF, with its flexible mandate, enables us to access financing that ensures our growth in Canada and globally, and allows our innovations to strengthen domestic supply chains,” said Ahmad Ghahreman, CEO & Co-Founder of Cyclic. “We are proud to have reached this milestone, delivering a Canadian solution that strengthens rare earth supply chains, bolsters resource security, and drives resilient industrial growth.”

Cyclic is pioneering a recycling-based supply model for REEs, using its proprietary Hub-and-Spoke process to recover high-value magnet metals from end-of-life (“EOL”) products and magnet manufacturing waste. Recycling is amongst the fastest ways to produce magnet REEs in Western countries and can provide unique access to heavy rare earth elements (Heavy REEs), which are much less commonly available through mining deposits in the Western world. This approach also offers environmental benefits, including lower carbon intensity, reduced waste compared to traditional mining and over 98% recovery rate. The Company has successfully operated two pilot facilities in Kingston, Ontario, and is now constructing its first commercial-scale Hub in Kingston and Spoke in Arizona. Once commissioned, these facilities will provide a secure, sustainable and circular source of REEs and other critical minerals that underpin the rapid growth of AI, robotics, defense, EVs and more. 

Transaction Highlights

• CGF has invested US$25 million in Cyclic to accelerate the expansion of its Center of Excellence in Kingston, Ontario, to advance Canadian-based R&D, execute on its first Hub and support global commercialization.
• This investment is part of a broader US$75 million Series C preferred equity round led by T. Rowe Price.
• The round also includes financing from Cyclic’s existing investors.
• With this raise, Cyclic Materials’ total equity funding exceeds US$162 million, as the company accelerates its commercial rollout, expands Canadian R&D operations, and advances global growth.

About Canada Growth Fund 

CGF is a $15 billion arm’s-length investment vehicle designed to attract private capital to build Canada’s clean economy. It uses investment instruments that absorb certain risks to catalyze private investment in low-carbon projects, technologies, businesses, and supply chains. Visit www.cgf-fcc.ca for more information. 

For CGF’s Media relations, contact mediacgf@cgf-fcc.ca.

About Canada Growth Fund Investment Management

In Budget 2023, the Government of Canada appointed PSP Investments, through a wholly owned subsidiary, to act as the asset manager for CGF. CGFIM serves as the independent and exclusive asset manager for CGF.

About Cyclic Materials

Cyclic Materials, founded in 2021, is a cleantech company building a resilient supply chain for rare earth elements (REEs) and other critical materials through recycling of magnet-containing EOL. Its innovative technology transforms end-of-life products into valuable raw materials used in AI, robotics, defense and advanced manufacturing critical to the future of Western industry. With the success of its commercial demonstration, and first successful shipments of very high quality recycled Mixed Rare Earth Oxides (rMREO) to customers, the company is scaling its cutting-edge technology to recover REEs from permanent magnets, leveraging its proprietary MagCycle℠ and REEPure℠ processes to feed strategic industries with secure supply of recycled rMREO. Cyclic Materials is scaling its footprint across North America, Europe and Asia. With Mesa, Arizona hosting its first commercial scale Spoke facility, and Kingston, Ontario serving as a Center of Excellence with R&D facility and Hub hydrometallurgical site, the company is expanding its REE recycling infrastructure in the US to supply the surging demand for permanent magnets that power our modern world. In recognition of its pioneering work, the company was awarded as part of Top 10 Climate Tech Companies to Watch by MIT Tech Review in 2025, Fortune Change the World, Fast Company Most Innovative and Next Big Thing in Tech. Learn more at cyclicmaterials.earth. 

PSP Investments’ Conflicts of Interest Policy 

Public Sector Pension Investment Board (“PSP Investments”) has established a policy to address the risk of any real, potential or perceived conflicts of interest in the context of the services provided by CGFIM to CGF, requiring PSP Investments and CGF to disclose where they have overlapping investments.  

At the time of the approval of the transaction, PSP Investments held an ownership stake in Bayerische Motoren Werke AG, the ultimate parent company of BMW i Ventures, a minority shareholder of Cyclic, of less than 0.1% through various portfolios in the context of its ordinary course public market activities. In each instance, PSP Investments’ investments carry no governance or decision-making ability. 

The foregoing is being disclosed in accordance with PSP Investments’ Conflict of Interest Policy.