The federal government is investing heavily in Kingston, Ont.’s technology sector, focusing on battery development and rare earth element recycling.
Ahmad Ghahreman, CEO of Cyclic Materials, expressed excitement about the funding.
“This endorsement empowers us to advance our vision, revolutionize Earth’s magnetic recycling, and scale a technology,” Ghahreman said.
The Kingston-based company has received nearly $5 million. Additionally, over $3 million has been allocated to the Green Graphite Project. This funding aims to support the development of rare earth elements, permanent magnets, batteries and the recycling of graphite for lithium-ion batteries in Canada.
Mark Gerretsen, MP for Kingston and the Islands, highlighted the broader impact.
“With global demand growing, we have a generational opportunity,” Gerretsen said. “The government of Canada has set the stage by allocating nearly $4 billion in Budget 2022 through Canada’s Critical Minerals Strategy. This strategy will create jobs, economic growth and advance reconciliation with Indigenous Peoples.”
The Green Graphite Project is among the first to benefit from the federal Critical Minerals Research Development and Demonstration Program.