Cyclic Materials, a Canadian advanced metals recycling company focused on producing critical materials, has received undisclosed funding from Microsoft through its Climate Innovation Fund.

The funding will be used to support Cyclic Materials' technology CC360, which extracts rare Earth elements during the disposal of hard drives. This function is claimed to be often overlooked by IT asset disposal companies. Additionally, the investment supports Microsoft's goal of achieving zero waste by 2030. The company reports that the technology is being tested by Sims Lifecycle Services for operational efficiency and data security, with promising insights for future broader availability.

Analyst QuickTake: The company raised USD 27 million via a Series A round in April 2023 to scale up its technologies for future growth in North America, Europe, and Asia. Cyclic Materials recent commercial partnerships include multinational chemical company Solvay to supply recycled mixed rare earth oxide (rMREO) in June 2024 .