UrbanmUrban Mining Co., which recycles magnets, announced Tuesday it has completed a $25 million round of financing.

The Austin-based company plans to use the Series A funds to build and operate a magnet recycling and manufacturing plant at its headquarters.

“The first step towards commercializing our technology is capital intensive,” Scott Dunn, Urban Mining’s CEO, said in a news release. “and our Series A financing reflects the confidence of our team and our investors in Urban Mining’s product and business model.”

Urban Mining has a patented magnet recycling process. The company takes scrap rare earth magnets and reprocesses them into new, high performance magnets.

Urban Mining Company plans to open its lab by the end of the summer to use for prototyping magnet products for its partners and customers.