Cyclic said in an Aug. 27 statement that the capital will allow the company to expand its infrastructure in the United States, “increasing domestic production capacity for rare earths and critical minerals.”

Cyclic recycles rare earth elements and other materials in magnet-containing end-of-life scrap and turns magnet-production waste into raw materials used in AI, robotics, defense and advanced manufacturing, according to its website.

The plant slated for construction at McBee’s Alligator Industrial Park, 26009 SC Highway 151, will comprise a “spoke” operation that will produce recycled magnet concentrate and other critical materials, and a “hub” facility that will process the recycled magnet concentrate and waste from magnet production to recover recycled mixed rare earth oxides and cobalt-nickel mixed hydroxide precipitate.

Cyclic Materials founder and CEO Ahmad Ghahreman said in the statement, “This additional capital will enable us to move faster in South Carolina and across the United States, accelerate the expansion of our hub-and-spoke network, produce more rare earths and critical minerals domestically and return them to American manufacturing.”

According to the statement, this capital will allow it to break ground on the McBee facility in Q4 rather than the Q1 2027 expectation the company had communicated in a June town hall in McBee. Cyclic Materials’ Director of Marketing and Communications Ethan Hugh confirmed the revised timetable in an email.

​​​​​Hugh did not narrow down the projected date of the groundbreaking, saying the company “will announce in due time.”

Hugh declined to comment as to how the financing accelerates the construction timetable and buildout of infrastructure, instead defaulting to the above quote from Ghahreman.

The statement also referenced a July 30 Presidential Determination identifying end-of-life rare earth permanent magnets, manufacturing swarf and other critical-mineral-bearing scrap as recoverable resources essential to national security.

This round of financing was “led by accounts advised by T. Rowe Price Associates Inc.,” which had made its initial investment in Cyclic in 2025, the statement said.

Fresno, CA-based Electronic Recyclers International has also invested in Cyclic. In July, the electronics recovery and recycling firm ERI and Cyclic announced they had entered into a strategic partnership pairing the former’s nationwide collection network with Cyclic’s commercial rare earth recovery and refining technologies to process high-volume magnet-containing products.

Other entities that have invested into Cyclic include:

Prior to this round of funding, Cyclic had announced it had closed an “over-subscribed $75 million Series C equity round” on Jan. 23, six days before announcing the McBee facility.