MESA, Ariz. & MCBEE, S.C.--(BUSINESS WIRE)--Aug 27, 2026--
Cyclic Materials, the company building rare earth production infrastructure through circular supply chains, today announced the completion of a USD $75 million strategic financing round, reflecting expanded commitments from existing investors and bringing total equity funding to USD $237 million.
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The capital will 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 used across the AI, semiconductor, robotics, defense, automotive, medical, and other advanced manufacturing sectors.
Existing Investors Led by T. Rowe Price Increase Their Commitment to Fuel Cyclic Materials’ Next Phase of Growth
The latest financing round is led by accounts advised by T. Rowe Price Associates, Inc., which first invested in Cyclic Materials in 2025. The round builds on strong commercial momentum, including the commissioning of Cyclic Materials’ first commercial Spoke in Arizona, advancement of its South Carolina integrated rare earth campus, expansion of strategic commercial partnerships, and the ongoing establishment of a resilient domestic rare earth supply chain. In addition, ERI, a recently announced strategic partner of Cyclic Materials, joined as a new strategic investor.
“Cyclic Materials continues to demonstrate itself as the market leader in rare earth recovery, advancing its commercial operations, expanding its U.S. footprint and securing strategic partnerships across the critical material supply chain,” said Vineet Khanna, Investment Analyst at T. Rowe Price. “Our continued investment reflects our confidence in the company's ability to scale domestic rare earth recycling and production infrastructure for use across critical U.S. industries and technologies.”
Funds to Accelerate Cyclic Materials’ Buildout of U.S. Rare Earth Production Infrastructure
The new capital will accelerate Cyclic Materials’ expansion of its U.S. Hub-and-Spoke infrastructure, with plans to break ground on an integrated rare earth recycling campus in South Carolina in Q4 2026. The additional capacity will complement the company’s Arizona magnet separation and critical mineral recycling plant, which is expected to commence operations in Q3 2026.
The South Carolina facility will combine the company’s proprietary magnet separation, rare earth recovery and refining platforms at scale. By expanding its Hub-and-Spoke network, Cyclic Materials is building an integrated domestic critical material ecosystem, from feedstock sourcing and manufacturing scrap recovery to rare earth production.
Establishing Domestic Rare Earth Infrastructure for U.S. Supply Chain Security
“The continued support of our investors is enabling us to build vital U.S. rare earth infrastructure at a time when it has become a national priority,” said Ahmad Ghahreman, Founder and CEO of Cyclic Materials. “This additional capital will enable us to move faster in South Carolina and across the U.S., accelerate the expansion of our Hub-and-Spoke network, produce more rare earths and critical minerals domestically and return them to American manufacturing.”
ERI Joins as Strategic Investor, Further Strengthening Value Chain Integration for Rare Earth Recycling
In addition to 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, Jaguar Land Rover and Hitachi Ventures, among others.
About Cyclic Materials
The newly announced $75 million strategic financing will accelerate Cyclic Materials’ U.S. expansion and scaling of its rare earth production infrastructure across its growing network of commercial-scale facilities.
BETHLEHEM, Pa. (AP) — Mike Gibbons sat out the presidential election two years ago, frustrated that Democrat Kamala Harris did not take a stronger stand against Israel's war in Gaza and unable to bring himself to cast a vote for Republican Donald Trump.
That is not his plan this year.
The 33-year-old restaurant server in this eastern Pennsylvania town that once housed one of the world's largest steelmakers is eager to vote for any Democrat he can in November. As the war with Iran that Trump initially said would last weeks surpasses six months on Friday, Gibbons is feeling the fallout every time he fills his tank at nearly $1 per gallon more than last year.
“The price of gas affects the price of everything and the price of everything's up and my pay hasn't gone up,” he said. “I'm doing blue no matter who this time.”
The Iran war has reshaped the rapidly approaching midterm elections, undermining Trump's campaign pledge to steer clear of foreign conflicts and challenging Republicans who would rather focus on their tax cuts as they cling to narrow majorities in Congress.
While the president's supporters are undeterred, the war's unpopularity and economic ripple effects could tilt the scales in tightly contested U.S. House districts like the one in Bethlehem, where Republican Rep. Ryan Mackenzie is one of this year's most vulnerable incumbents.
Midterm elections are always difficult for the party in power in Washington. But interviews with voters around the country show how a war that Trump expected to end with a swift victory could undermine the final years of his presidency.
About two-thirds of U.S. adults say the war with Iran has not been worth fighting, according to a July poll from The Associated Press-NORC Center for Public Affairs Research. That includes the vast majority of Democrats and independents, as well as more than one-third of Republicans.
Although Trump has long criticized Iran's leadership, he did little to prepare Americans or allies for such a lengthy conflict. Republican President George W. Bush, for instance, spent more than a year making a case for launching a war in Iraq through speeches and attempts to build an international coalition. Trump did none of that.
Trump has refused to acknowledge the war's cost, saying this month he would “never apologize” for higher prices stemming from it and insisting he did “the right thing" to prevent Iran from obtaining a nuclear weapon. His administration announced new sanctions this week in an attempt to further isolate Tehran.
In Congress, Republicans have shifted from initially cheerleading Trump's moves in Iran to expressing concern about the toll of the war. But the party has largely unified to block measures that would curb Trump's war powers and leaders have shown no interest in cutting off money for the war, preferring to portray Democrats as extremists who cannot be trusted to govern.
Democrats who were blamed just two years ago for presiding over high prices see an opportunity to turn the issue back on their opponents. As part of his comeback U.S. Senate bid in Ohio, Sherrod Brown released an ad this week filmed at a gas station as he said “the cost of gas is out of control and we're the ones paying for it.”
Speaking to a group of older adults recently in a Republican-dominated swath of western Maryland, Democratic U.S. Sen. Angela Alsobrooks blamed higher prices on the war. Heading into November, she encouraged fellow Democrats to stay focused on the war's impact and what it says about Trump's leadership.
“We ought to be saying what is obvious, which is our country is heading in the wrong direction,” she said in an interview.
That resonates with voters such as Brandon Bane, a fast-food worker in Bakersfield, California, where Republican Rep. David Valadao is also in a competitive congressional race. Bane, who described himself as a political independent, said he often has to balance paying rent and groceries, noting high gas prices have only added to the challenge.
“It hasn’t been worth it at all,” he said of the war, adding that he plans to vote for Valadao’s challenger, Democrat Randy Villegas.
Melissa Wegman, a Democratic retiree who is also from Bakersfield, said she was shocked when the pump recently whirled to $128 to fill the tank on her SUV.
“I have to manage a budget," she said.
But there is a risk, too, that the war does not provide Democrats with the political boost they are expecting.
While there is plenty of frustration about prices, there are also voters willing to make adjustments without blaming Republicans. Many remain aligned with Trump and are not interested in seeing Democrats return to power.
North Carolina is a top pickup opportunity for Democrats hoping to flip a U.S. Senate seat. But at the State Farmers Market in Raleigh, North Carolina, Lucienda Lowe of Sugarloaf Orchards said her faith in Trump is solid.
“There has to be a reason why they’re over there,” she said. “They wouldn’t be over there doing that if there wasn’t something more going on than what we’re seeing.”
She has not raised her prices on apples even as fuel and fertilizer costs soar. Her family has been farming since 1846 so she feels resilient to weather the next rough patch and tells others to do the same.
“Suck it up, buttercup," she said.
Similarly in Iowa, where Democrats are bullish on their prospects of flipping everything from a U.S. Senate seat and the governor's mansion to several U.S. House races, Larry Cole said higher gas prices as a result of the war are just the “nature of the beast.”
The 66-year-old Republican service manager from Perry, Iowa, said he will back Republicans in this midterm elections and does not want to see Democrats gain control in either chamber. He said Trump has taken action that other presidents were not willing to do to keep Iran in check.
Trump “hit them where they need to be hit,” Cole said.
Mark Duffy, 65, of Scottsdale, Arizona, said he did not expect the Iran war to go on as long as it has, but it has not had material effects on his life.
“I didn’t think it would go this long,” said Duffy, who retired a year ago from his career selling electronic components. “I don’t think anybody did, but now the next wave is the economic sanctions, so we’ll see if that works and maybe that is a way for other people to join.”
For others, the war has only reinforced a sense that neither political party is responsive to the needs of voters.
As he left a tattoo parlor in Ashland, Virginia, 26-year-old Evan Mise said he feels the increase in gas prices and worries about whether his mom will be able to retire or whether he will someday be able to.
But he had not decided whether to support Democrats or Republicans in November.
“I feel like our government is pretty corrupt through and through," he said. “It’s kind of just a sit-back-and-watch thing. And I think my generation especially feels helpless."
Sloan reported from Washington. Associated Press writers Allen G. Breed in Raleigh, N.C., Michael R. Blood in Bakersfield, Calif., Sarah Rankin in Ashland, Va., Jonathan J. Cooper in Scottsdale, Ariz., and Hannah Fingerhut in Des Moines, Iowa, contributed to this report.
FILE - President Donald Trump speaks with reporters during a news conference in the James Brady Press Briefing Room at the White House, April 6, 2026, in Washington. (AP Photo/Mark Schiefelbein, File)
Lucienda Lowe of Sugarloaf Orchards, whose family has been farming since 1846, talks to a customer at the State Farmers Market in Raleigh, N.C., on Friday, Aug. 21, 2026. (AP Photo/Allen G. Breed)
FILE - People march while taking part in a protest against the U.S.-Israeli war with Iran, and against conflict in Lebanon, Wednesday, April 8, 2026, in New York. (AP Photo/Ryan Murphy, File)
