Rare-earth magnets, including neodymium magnets, are key components in electric motors, providing high performance and efficiency. However, less than 1% of these elements are recycled yet, while demand for them already exceeds supply and is projected to triple by 2030.
Cyclic Materials says its patented MagCycle and REEPure technologies enable it to recycle rare earth elements from a wide range of end-of-life devices. The company plans to use the funds received from JLR to expand its operations in North America and Europe and to further improve its recycling technologies.
By investing in rare earth magnet recycling, JLR is not only providing itself with the materials it needs to manufacture electric vehicles, but is also helping to reduce its environmental impact.
Cyclic Materials has previously raised $53 million from companies such as BMWi, Microsoft and Hitachi.
Source: Inmotionventures