Neo Performance Materials and Cyclic Materials Sign Non-Binding MOU to Advance Trans-Atlantic Circular Rare Earth Supply Chain

Executive Summary

• Neo Performance Materials and Cyclic Materials have signed a non‑binding memorandum of understanding (MOU) to develop a trans‑Atlantic circular rare‑earth supply chain for magnetic materials.
• The collaboration will enable recycling of magnet scrap by Cyclic, with the recovered mixed rare‑earth oxides fed back into Neo’s alloy and magnet manufacturing in Europe, supporting EU Critical Raw Materials Act objectives.
• Both parties will explore joint closed‑loop opportunities with OEM and Tier‑1 partners to improve traceability from end‑of‑life products to new electric‑motor applications.

Key Details

• MOU Scope: Non‑binding framework for technical and commercial evaluation of a closed‑loop rare‑earth value chain spanning North America and Europe.
• Supply Flow – Neo → Cyclic: Magnet production scrap from Neo’s European operations will be sent to Cyclic for recycling into mixed rare‑earth oxides (rMREO).
• Supply Flow – Cyclic → Neo: Recycled rMREO and related products, derived from end‑of‑life magnets and third‑party scrap, will be supplied back to Neo for downstream processing and magnet manufacturing.
• Traceability: All recycled products will carry full traceability to support circular supply‑chain requirements.
• Strategic Alignment: Supports Neo’s EU production sites and aligns with the EU Critical Raw Materials Act goals of increasing rare‑earth processing and recycling capacity.
• Potential OEM Partnerships: Parties intend to explore joint closed‑loop initiatives with original equipment manufacturers (OEMs) and Tier‑1 suppliers, enhancing traceability from end‑of‑life products through to new electric‑motor and clean‑technology applications.
• Governance: The MOU is non‑binding; any binding commitments will require negotiation and execution of definitive agreements.

Notable Quotes

• “This MOU brings together complementary capabilities to advance circularity in rare earth magnet supply,” – Rahim Suleman, President & CEO, Neo Performance Materials.
• “By integrating Cyclic's innovative recycling with Neo's established magnet manufacturing capabilities, we will enable a secure and traceable source of rare earth materials for North America and Europe,” – Ahmad Ghahreman, CEO & Founder, Cyclic Materials.