Cyclic Materials and VAC Partner to Recycle Magnet Manufacturing By-products
VAC Awarded $111 Million Tax Credit for New Magnet Factory in USA, Makes Recycling Deal with Cyclic Materials
New Power Technology
April 11, 2024
TORONTO – MAY 7,2024– Cyclic Materials, an advanced metals recycling company building a circular supply chain for rare earth elements and other critical metals, today announced the appointment of Kunal Phalpher to senior vice president of corporate development, and Debra Palen to director of capital projects. Based at our headquarters in Ontario, Phalpher and Palen will work closely with the existing leadership team to execute on the company’s strategic plans for commercial and business development.
“I am excited to be transitioning from the advisory board to a full-time member of the team to provide more hands-on leadership in identifying areas of expansion and ultimately increase our opportunities to recycle rare earth elements across the globe,” said Phalpher. “I have had the opportunity to work with the team for the last several months and have been impressed with the progress they have made in developing innovative technology to solve an existing problem faced in the market. In my new role I hope to leverage this work to continue to develop the company toward a commercial scale.”
“I look forward to leading the planning and executing the construction of Cyclic’s first commercial facilities for its Spoke and Hub processes,” said Palen. “Cyclic has developed a unique and innovative solution to a growing problem in the energy transition space and being a part of the team that brings this solution the market is an exciting challenge.”
In their new roles, Phalpher and Palen will collaborate to identify new markets, opportunities for strategic partnerships and grow Cyclic’s presence within the rare earth supply chain through the deployment of commercial facilities in multiple geographies. Cyclic is working to establish a circular economy for rare earth elements (REEs) to support the energy transition.
“Debra and Kunal bring diverse backgrounds and expertise that complement our existing team that will help us through our next phase of growth,”said Ahmad Ghahreman, CEO and co-founder of Cyclic Materials. “Expanding our leadership team is necessary at this time to address the growing need for REEs and bringing Cyclic’s recycling solution to scale in more areas of the world. Kunal and Debra are well-equipped to meet these growing demands and helping us meet our strategic objectives.”
Cyclic has experienced notable growth within the critical metal sector over the last year, evidenced by its recent Series A funding by Energy Impact Partners and BMW i Ventures. As demand for REE recycling and the exploration of raw metal sources continues to grow, Cyclic's business priorities are well-positioned to enhance its technology, supply chain scalability and foster pivotal collaborations.
To learn more about Cyclic Materials, please visit cyclicmaterials.earth.
