Amazon and Microsoft-backed startup to build recycling plant in Kingston, Ontario
Cyclic Materials, a startup backed by Amazon.com Inc. and Microsoft Corp., announced plans to build a rare-earths recycling plant and research center in Canada.
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The company is investing $25 million to develop the facility in Kingston, Ontario, Cyclic said Wednesday in a statement. Cyclic's technology recovers rare earths from disused products including wind turbines and data-center hard drives. The company already has a demonstration facility in Kingston.
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'We are creating a new stream of supply for the most critical metals, a secure supply and local supply,' Ahmad Ghahreman, chief executive officer of Cyclic Materials, said in an interview. 'Rare-earth elements are probably a $20 billion to $30 billion market globally, but they unlock multi-trillion dollars of industries' downstream.
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The Kingston facility, expected to begin operations in the first quarter of next year, is designed to convert 500 metric tons of feedstock into a product that contains crucial components for magnets used in electric-vehicle motors, wind turbines and consumer electronics.
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Feedstock will come from a Cyclic facility in Arizona and from a network of partners, the company said. The rare-earth oxide produced will be supplied to buyers like Solvay SA.
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