The carmaker's InMotion Ventures unit joined a round already featuring Hitachi Ventures, BMW i Ventures and Microsoft’s Climate Innovation Fund.

Carmaker Jaguar Land Rover (JLR)’s corporate investment subsidiary, InMotion Ventures, helped Canadian metals recycling startup Cyclic Materials close its series B round at $55m today.
Cyclic uses hydrometallurgy technology to recycle rare earth elements, which are used in magnets for products from smartphones, speakers and wind turbines in addition to the motors in electric cars, reproducing them as mixed rare earth oxides once those products reach the end of their life.
The mining of rare earth metals has been linked to environmental issues such as water pollution, and Cyclic claims under 1% of them are recycled. The expansion of its series B round comes just weeks after it signed a long-term deal to supply mining company Glencore with recycled copper.
Carmakers are among the most frequent investors in rare earth materials processors and recyclers. BMW i Ventures joined Yamaha Motor Ventures in a $43m series B round for Phoenix Tailings last month. Niron Magnetics, a developer of rare earth-free permanent magnets, had raised $25m from backers including General Motors’ GM Ventures unit, Stellantis Ventures and Volvo Cars Tech Fund earlier in the year.
“Rare earth magnets are a critical component of electric vehicles, but their sourcing is rapidly becoming one of our industry’s greatest challenges,” InMotion managing director Mike Smeed told GCV.
“Cyclic Materials’ innovative approach to creating circular supply chains isn’t just about recycling – it’s about reimagining how we secure critical materials in an environmentally responsible and future-proof manner. This series B raise reflects a broader cross-industry commitment to investing in and partnering with startups building transformative solutions with the potential to accelerate the clean energy transition,” says Smeed.

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InMotion added $2m to a September 2024 first tranche featuring corporate venture capital funds Hitachi Ventures and BMW i Ventures as well as Microsoft’s Climate Innovation Fund.
Cyclic is using the series B financing to expand its footprint in North America and Europe, in addition to strengthening its processing operations and further developing its technology. Its overall funding now stands at $85m since it was founded in 2021.