Amazon’s Climate Pledge Fund joins Cyclic Materials’ extended Series B round
Summary
Toronto-based Cyclic Materials has extended its Series B round for a second time to bring Amazons Climate Pledge Fund into the fold.Cyclic initially raised a $71-million CAD ($53-million USD) all-equity round led by Toronto-based cleantech investor ArcTern Ventures in September 2024 to expand its rare earth recycling infrastructure in the United States (US) and Europe. Cyclic re-opened the round this past January to accept a $2 million USD investment from InMotion Ventures, the investment arm of luxury car maker Jaguar Land Rover.Amazons Climate Pledge Fund, which aims to support climate technology companies with the most potential to help Amazon and others reach netzero carbon emissions by 2040, joined the round through a second extension earlier this month. Cyclic Materials declined to disclose the amount of Amazons investment.Cyclic co-founder and CEO Ahmad Ghahreman said in a statement that Amazons investment reflects the competitiveness of their proprietary technology, and reiterated that the investment would support its expansion in the US and Europe.Founded in 2021, Cyclic Materials has developed a supply chain aimed at sustainably recovering rare earth elements from electric vehicle motors, wind turbines, MRI machines, and electronic waste from data centres. The list is meant to showcase private cleantech companies globally that are predicted to make a substantial impact on the market in the next five to 10 years. British Columbia-based electric vehicle battery repurposing startup Moment Energy, which did not return to the Global Cleantech 100 after making the cut last year, raised a $21.5-million CAD Series A round co-led by Amazons Climate Pledge Fund this past January.