US metal refining technology company Nth Cycle has taken its equity funding receipts in the past 2.5 years to nearly US$60 million with $44 million of series B and non-dilutive financing to advance commercial development of its modular Oyster electro-extraction units.
The privately-owned Massachusetts-based company also recently picked up more than $3 million of new federal grants for its patented technology, said to replace energy-intensive pyrometallurgical flowsheets with “a clean and modular refining system” that significantly reduces greenhouse gas emissions.
“Refining has long been the obstacle to a broader sustainable and closed-loop metal supply chain in the US and EU, which is why we set out to solve that problem, while offering a complementary solution for recyclers,” said Nth Cycle CEO and co-founder, Megan O’Connor.
“In just three years, we have grown out of the lab and into a commercial facility with new deployments of our modular Oyster units in the near future.
“Building critical relationships with our investors, partners and policymakers has been a key part of Nth Cycle’s rapid growth to scale, and that commitment continues with this financing.”
Colorado-based environment-focused venture capital firm VoLo Earth Ventures led support for the $37 million series B and $7m non-dilutive raise, which was also backed by MassMutual, Caterpillar Venture Capital and Equinor Ventures, the VC arm of energy group Equinor.
Nth Cycle followed a 2021 seed financing with $12.5m of series A funding in 2022 to establish a nickel mixed hydroxide product (Ni MHP) plant in Fairfield, Ohio. Its electro-extraction plant, said to be able to take various feedstocks including black mass, ore concentrates and waste, opened up domestic supply of Ni MHP, Nth Cycle said.
O’Connor said the latest funding would be used to support Nth Cycle’s commercialisation through a new partner testing facility, commercial team growth and headquarters expansion.
Caterpillar electrification and energy solutions senior VP, Rod Shurman, said Nth Cycle would help establish circular metal value chains in North America and elsewhere.
“Nth Cycle has developed an efficient, adaptive solution that solves a number of key pain points for its customers while delivering significant value by transforming waste products to high-purity materials,” said MassMutual portfolio manager of impact investments, Jason Allen.
“The company’s revolutionary technology, positive environmental impact, and founding team positions it to become a pillar for the cleantech ecosystem.”
VoLo managing partner Joseph Goodman said Nth Cycle could address cost and technology gaps for “some of the largest battery recycling developers, OEMs and chemical companies”.
“As an investor we look for segment-leading technologies that enable break-out businesses and finance models,” he said.
“Nth Cycle’s modular electro-extraction enables advantaged development of operating assets with firm offtake agreements and 6-9-month deployment cycles.”
