Freeze Thaw Cycles was probably the best match I could find as a company that actually makes bikes out of recycled materials. Check out their site here: http://www.freezethaw.com/recycled_bikes. It sounds like they do a fair amount of custom bikes, allowing you to request specific specifications from them and create the recycled bike of your dreams.
Recycled Cycles in Seattle seems to do a fair amount of refurbishing and reusing old bikes so in effect they’re using recycled bikes. They can be found here: http://www.recycledcycles.com/node/65. They said that they opened their doors with the hope that bike experts and professionals alike would see the value in refurbishing older bikes and reusing parts and be able to reap the benefits of cheaper bike parts/bikes because of that!
Just for fun, this is a site that makes furniture (remember beauty is in the eye of the beholder) from recycled bike parts and actual bikes. May not be what you’re looking for, but pretty cool nonetheless: http://www.bikefurniture.com/index.html.
You may want to look into police auctions, recycling yards, and craigslist as well. I have found a number of very inexpensive bikes from these places. For example, I found a lightly used mountain bike, with back and front baskets, for 10 dollars at CARTM recycling yard in Oregon. I have also come across decent mountain bikes at police auctions for as little as 15 dollars.
I don’t know where you are located, but if you can I would recommend going to Davis for a refurbished bicycle. In addition to being very friendly and helping you assemble a bicycle from used parts, some of members like to weld frames into unusual shapes for fun. If you are looking for something truly unique, you might find it worthwhile to take the train to Davis and spend a few days getting to know the Bike Collective ministers. Plus, you can check out the US bicycling Hall of Fame while you are there!
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