ERI Becomes Strategic Investor in Cyclic Materials

First-in-Industry Move Combines ERI’s Global Collection Network with Cyclic Materials’ Proprietary Rare Earth Recycling Technologies

FRESNO, Calif. & MESA, Ariz.--(BUSINESS WIRE)--ERI, the nation’s leading material resource recovery, ITAD, mobility and data destruction/processing provider and largest recycler of electronics, announces it has become a strategic investor in Cyclic Materials, a leading advanced recycling company creating a circular supply chain for rare earth elements and other critical materials.

The investment marks the first time a recycling company has invested in a rare earths downstream partner and further expands the companies’ strategic partnership announced this past July. The collaboration combines ERI’s global collection and pre-processing network with Cyclic Materials’ proprietary MagCycle and REEPure technologies and commercial processing infrastructure, with rare earth-bearing feedstock generated through ERI’s global operations to be delivered exclusively to Cyclic for rare earth recovery and processing. Together, the companies are creating a scalable pathway to recover rare earth elements from end-of-life products and return them to the supply chain, supporting a secure, domestic and circular supply of critical materials.

ERI, which recycles more than one million pounds of electronic waste every day, will leverage its global collection network and eight U.S.-based recycling centers to identify and aggregate rare earth-bearing materials for delivery to Cyclic Materials. Cyclic will use its proprietary technologies and commercial infrastructure to recover and process the contained rare earth elements for reuse in the domestic supply chain. The combination of ERI’s extensive sourcing reach and Cyclic’s specialized rare earth recovery technologies creates an integrated pathway for capturing rare earth value that has historically been lost and can now be recovered at commercial scale using Cyclic’s proprietary technology.

ERI’s investment coincides with Cyclic’s recent completion of a $75 million strategic financing round, reflecting expanded commitments from existing investors and bringing its total equity funding to $237 million. The capital raised is intended to accelerate deployment of Cyclic Materials' rare earth recycling campus in South Carolina and expansion of its Hub-and-Spoke infrastructure across the United States, increasing domestic production capacity for rare earths and critical minerals, an important ingredient across the AI, semiconductor, robotics, defense, automotive, medical, and other advanced manufacturing sectors.

Cyclic’s financing round was led by accounts advised by T. Rowe Price Associates, Inc., which first invested in Cyclic Materials in 2025. In addition to ERI and the T. Rowe Price accounts, Cyclic Materials is backed by a global group of institutional and strategic investors that includes Energy Impact Partners, Microsoft, Amazon, BMW i Ventures, InMotion Ventures (Jaguar Land Rover) and Hitachi Ventures, among many others.

“Together with John Shegerian’s team at ERI, we are building a new domestic source of rare earths by recovering valuable materials already in circulation and returning them to the supply chain, which derisks foreign trade tensions, increases supply chain resilience, and strengthens national security,” said Ahmad Ghahreman, CEO and Founder of Cyclic Materials. “ERI’s investment further strengthens a partnership that combines their extraordinary sourcing reach with Cyclic’s rare earth recovery technologies and infrastructure. We are excited to continue scaling this together.”

“It’s an honor and privilege to extend our existing partnership with Cyclic as a strategic investor, so that we can further support our joint mission to bring new levels of efficiency to closing the loop on critical minerals,” said ERI’s Chairman and CEO John Shegerian. “Cyclic’s innovative technology and state-of-the-art facility provide commercial capabilities that make the circularity of heavy rare earth elements more accessible than ever before. Together we will be able to make a tremendous impact.”

About Cyclic Materials

Cyclic Materials is building a resilient supply chain for rare earth elements and other critical materials through the recycling of magnet-containing end-of-life products. The company recovers and refines high-purity recycled rare earth oxides that are returned to the manufacturing supply chain for new permanent magnets that are essential to automotive, AI, robotics, defense, electronics, energy, medical, industrial and other advanced technologies. With the successful opening of its Arizona facility, and acceleration of construction for its South Carolina facility, the company is delivering rare earth and critical materials at commercial scale and plans for continued expansion to create a secure domestic, circular supply of rare earths. Learn more about Cyclic Materials at cyclicmaterials.com.

About ERI

ERI is the leading international material resource recovery, ITAD and tech reuse and recycling company. ERI is certified at the highest level by all leading environmental and data security oversight organizations to de-manufacture, recycle, and refurbish every type of electronic device in an environmentally responsible manner. It is the first company in its industry to achieve ISO 27001 and SOC 2 Type II certifications for security and data protection. ERI has the capacity to process more than a billion pounds of electronic waste annually at its eight certified U.S. locations, serving every zip code in the United States, with facilities and partners serving over 50 countries. ERI’s mission is to protect people, the planet and privacy. For more information about circularity, ITAD services and e-waste recycling at ERI, call 1-800-ERI-DIRECT or visit https://eridirect.com.