InMotion Ventures, the investment arm of Jaguar Land Rover, has invested $2 million in the rare earth magnet cyclic materials recycling company, bringing its Series B funding cycle to $55 million.
INMOTION Ventures of Jaguar Land Rover has invested in a diversity of technologies, adding chain traceability, repair, reuse and recycling of batteries and, now, recycling of rare terrestrial magnets.
“Cyclical fabrics are paving the way to the creation of a sustainable source chain for infrequent elements (REES) and critical fabrics,” said Mike Smede, Managing Director at Inmotion Ventures. “Their cutting edge technologies meet a important want for recycling magnets in infrequent land, supporting the transition from the automotive industry to a cleaner and more resilient future. “
This Series B expansion builds on Cyclic Materials’ latest $53 million round, which is already subsidized through BMWi, Microsoft, and Hitachi.
Rare earth magnets are a type of permanent magnet made from rare earth alloys, which are components of a set of 17 chemical elements on the periodic table. Rare earth magnets, especially neodymium magnets, are a must-have in electric traction motors in electric vehicles. Its strong magnetic fields deliver superior functionality and efficiency, extending the diversity of an electric vehicle and reducing battery charge.
Rare earth magnets can also be found in everything from knowledge centers and wind turbines to mobile phones and power tools.
However, less than 1% of REE is recycled recently, while global calls for it already exceed the source and are expected to triple through 2030. Ontario-based Cyclic Materials says its proprietary Magcycle technologies and Reepure recycles REES from a wide variety of endings. Life products. Products of Life, a circular source chain for recycled rare earth combined oxides.
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Michelle Lewis is an editor for Electk and A On DronedJ, 9to5Mac, and 9to5Google. He lives in White River Junction, Vermont. In the past he has worked for Fast Company, The Guardian, News Doseply, Time, and others. Michelle. Twitter or Michelle@9to5mac. com. Verify their non-public blog.