Latest news with #BMW-backed
Reuters
23-04-2025
- Automotive
- Reuters
Cyclic Materials to build $20 million recycling plant in Arizona
April 23 (Reuters) - BMW-backed ( 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. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. 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 ( 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.
BBC News
27-02-2025
- Automotive
- BBC News
Hickman and Todd confirm new BMW team for BSB and roads
It has been confirmed that international road racers Peter Hickman and Davey Todd will form a new BMW-backed team for the British Superbike Championship, North West 200 and Isle of Man and Todd will jointly act as team co-owners of the 8TEN Racing team, whose name is an amalgamation of the riders' TT start is a 14-time TT winner, while Todd broke his duck in terms of wins at the event in 2024 by taking the honours in the Superstock and Senior is moving up to compete in the feature British Superbike class in 2025 after securing the second National Superstock title of his career in riders had been scheduled to ride BMW bikes for FHO Racing in the forthcoming season but a change of plan will see them compete under a new banner but with the same German commented: I'm really looking forward to this new chapter of my career, riding and co-owning 8TEN Racing. This structure will be a new dynamic to learn, but I've seen it work across other motorcycle championships like Supercross."I'm excited to be more involved in the dealings of the team, as well as building on the success I had with BMW last year which ended with a National title and TT victories."Hickman said: "The opportunity provided by BMW Motorrad UK to co-own and run 8TEN Racing alongside Davey is an exciting concept, and having run my own team across other classes, the insight and experience I have gained over the last few years should put us in good stead to be competitive."We know the M1000 RR very well which will allow some continuity, we'll be looking to continue our success on the roads and relish the challenge of being competitive in the British Superbike Championship."
