Cyclic Materials to build $20 million recycling plant in Arizona
April 23 (Reuters) - BMW-backed (BMWG.DE), opens new tab rare earths and metals recycler Cyclic Materials said on Wednesday it will build its first commercial plant in Arizona as part of a push to boost U.S. critical minerals supply.
The Toronto-based company said it would invest its own funds into the $20 million project, with plans to have it online by 2026.
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The facility is slated to process 25,000 metric tons per year of scrap from electric vehicle motors, wind turbines, MRI machines, data center electronic scrap and other sources.
The company will then break that material down into roughly 750 metric tons per year of magnets, as well as copper, steel and aluminum, Cyclic said.
Cyclic already has offtake agreements for some of the recycled materials with Glencore (GLEN.L), opens new tab, Solvay (SOLB.BR), opens new tab and others.
The Arizona facility is expected to employ 30 workers. The company picked the state due to its existing manufacturing sector, access to a large amount of scrap for recycling, and a labor pool familiar with metals processing, said CEO Ahmad Ghahreman.
"If you want to bring more manufacturing into the U.S., then the raw materials - the critical minerals - are a key part of that industry," said Ghahreman.
The privately held company last year closed its Series B financing round, raising more than $50 million from BMW and others. Cyclic does not plan to enter public markets, Ghahreman added.
"For the time being we are 100% focused on growing organically. We will see what happens in the future," said Ghahreman.
Cyclic is one of a handful aiming to capture a bigger share of the rare earths supply chain as Western governments back domestic players in an attempt to break China's hold on the market.
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