Cyclic Materials raises US$75 million in Series C round
Cyclic Materials has closed an over-subscribed US$75 million Series C equity round, its largest to date, which will help the company scale operations across the U.S. and Europe and accelerate its Canada-based research and development footprint.
With this raise, Cyclic Materials’s total equity funding surpasses US$162 million as the company accelerates its commercial rollout and prepares for global expansion, with a focus on addressing North American market needs. The new capital will fuel the ongoing expansion of rare earths recycling infrastructure across the U.S., enabling a locally sourced supply of critical materials increasingly required by AI data centres, robotics, defence and next-generation industrial systems.
Funding will also support the continued development of intellectual property at Cyclic Materials’ newly built Center of Excellence in Kingston, to further establish the company’s leadership in the rare earths supply chain and to support its vertical integration with the magnet supply chain and growth of its team globally.
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“With this new capital, we can rapidly deploy rare earths recycling infrastructure where it’s needed most, delivering local, secure supply at a pace traditional mining simply cannot match,” said Ahmad Ghahreman, CEO and founder of Cyclic Materials. “Cyclic Materials is now ideally positioned to help restore North American global leadership in rare earth resources powering advanced manufacturing.”
Tri-Board bus contract goes international
Following a recent RFP, three school boards in eastern Ontario will be served by five bus lines, including three new providers.
Attridge Transportation Inc., Sharp Bus Lines Ltd. and Voyago join existing Tri-Board suppliers Landmark Student Transportation Ltd. and Switzer-Carty Transportation Services Inc. as the incoming providers of transportation services for 30,000 riders across an area that covers the Limestone District School Board, Algonquin and Lakeshore Catholic District School Board, and Hastings and Prince Edward District School Board. The seven-year contract begins next school year.
The transition to these new providers means McCoy Bus Services of Kingston will lose all of its 20 runs, while C Smith Bus Lines of Belleville, which expanded to compete with the multinationals, will lose 110 of its 136 runs.
Shawn Geary with McCoy told OBJ he’ll be selling his buses to one of the new operators and his drivers will seek employment with them at the end of June. Geary said there is a broader consolidation underway across the sector, with many family-run providers selling to private equity-owned multinational companies to avoid being driven out of business altogether.
Tri-Board CEO Jeremy DaCosta said his organization’s first RFP was issued to align the organization’s procurement rules with the provincial government’s Broader Public Sector Procurement Directive.
Program cuts could be coming to Algonquin’s Pembroke campus
Algonquin College’s board of governors will vote later next month on whether to cut four programs at the Pembroke campus, including business, business fundamentals, computer programming, and environmental management and assessment. The four programs would still be offered in Ottawa, with three of them also available as an online option.
According to an announcement on the college’s website, the cuts would be part of a proposed reduction of 30 programs meant to address deficits caused by a scaling-back of international student study permits and provincial funding shortfalls.
If the motion is approved, the programs would not admit any new students this fall. Students currently enrolled in the programs would be allowed to finish or transfer to a new program subject to eligibility.
The decision will be made at the board’s Feb. 23 meeting.
Alto consulting on alternate route, but no changes to stop plans
Should the new high-speed rail line passing through eastern Ontario stick to its existing route, which would see it head southwest out of Ottawa passing just north of Perth and Madoc en route to Peterborough, or should the route pass Perth to the south and make a gentle curve before arriving in the Kawarthas?
That’s one of the questions up for discussion as part of Alto’s public consultations planned between January and March. The Crown corporation is accepting online comments and also conducting in-person and virtual sessions to discuss the next stages of the project.
Alto officials have maintained that, regardless of route choice, the train will not stop between Ottawa and Peterborough as the mandate from the federal government includes seven stops.
The lack of a stop in eastern Ontario is something that elected officials across the region have criticized. The section of track between Ottawa and Peterborough is the longest uninterrupted section along the planned route from Toronto to Quebec City.
Renewal of stretch of Princess St. underway
The long-awaited renewal of a key stretch of Princess Street is about to get underway.
The City of Kingston is seeking bids from general contractors to work on the redevelopment of approximately one kilometre of Princess Street between Nelson Street and Division Street, an important mid-town artery that is home to dozens of businesses as well as some residential and mixed use properties. Bids are due Feb. 5.
Foodpreneur Advantage Program comes to Kingston
Aspiring food entrepreneurs in Kingston are getting help this year to launch their businesses.
Kingston Economic Development Corp. is partnering with the London Small Business Enterprise Centre to offer the Foodpreneur Advantage Program, which comprises six one-hour workshops for individuals looking to start or expand a food or beverage manufacturing business producing consumer packaged goods.
There will be four intakes in January, April, August and November.
Eastern Ontario’s last Toys ”R” Us to close
The “for sale” sign has been replaced with a “sold” sign at 1020 Midland Ave. in Kingston, meaning the last Toys “R” Us in eastern Ontario is set to close.
Liquidation signs went up earlier this month following the sale, which was part of a national downsizing of the chain by its owner, Fairfax Financial Holdings Limited.
Nineteen Toys “R” Us stores are reportedly closing, leaving just 22 stores nationwide.
