![[Funding alert] Tech Startup Nth Cycle Secures $44 Mn in Series B Round Funding](https://viestories.com/wp-content/uploads/2023/12/Tech-Startup-Nth-Cycle-Secures-44-Mn-in-Series-B-Round-Funding.webp "Tech-Startup-Nth-Cycle-Secures-44-Mn-in-Series-B-Round-Funding")
Nth Cycle, the innovative critical metals refining company, has closed $37 million in Series B and an additional $7 million in non-dilutive financing, led by VoLo Earth Ventures, a Colorado-based venture firm focused on climate solutions; MassMutual through the MM Catalyst Fund I, which invests in rural-based and Black-led businesses based in Massachusetts; Caterpillar Venture Capital Inc., a wholly-owned subsidiary of Caterpillar Inc., the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives; and Equinor Ventures, the venture capital arm of Equinor, a multinational energy company.
Nth Cycle recently received two Department of Energy awards including $3 million from the Advanced Materials & Manufacturing Technologies Office (AMMTO) to drive the innovation required to strengthen America’s competitiveness in a global net-zero economy.
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“Caterpillar’s collaboration with Nth Cycle supports our commitment to helping our customers achieve their climate-related objectives and establishing a circular value chain,” said Rod Shurman, Senior Vice President of Electrification and Energy Solutions at Caterpillar. “Wherever possible, we keep resources in the Caterpillar value chain through a circular flow of materials, energy and water. Nth Cycle’s Electro-Extraction refining technology can help get valuable materials back into the supply chain.”
The funding will help Nth Cycle expand its commercial team, build a new partner testing facility, and expand its headquarters to assist its commercialization.
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“Ensuring sustainable and secure access to materials will only grow in importance as the energy transition accelerates. Since Equinor Ventures first invested in Nth Cycle last year, we have been continuously impressed by the quality of the team and the potential of the technology. We are looking forward to continuing our support of Megan and the Nth Cycle team as we work to shape the future of energy,” says Lars Klevjer, Head of Equinor Ventures.
“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 Jason Allen, Portfolio Manager of Impact Investments at MassMutual. “The company’s revolutionary technology, positive environmental impact, and founding team positions it to become a pillar for the cleantech ecosystem.”
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“As an investor, we look for segment-leading technologies that enable break-out businesses and finance models. Nth Cycle’s modular Electro-Extraction enables advantaged development of operating assets with firm off-take agreements and 6-9 month deployment cycles. In the coming months we look forward to Nth Cycle addressing cost and technology gaps for some of the largest battery recycling developers, OEMs and chemical companies,” said Joseph Goodman, Ph.D., Managing Partner of VoLo Earth Ventures. “We are pleased to once again partner with Megan and Nth Cycle’s amazing team.”
“Refining has long been the obstacle to a broader sustainable and closed-loop metal supply chain in the U.S. and E.U., which is why we set out to solve that problem, while offering a complementary solution for recyclers,” said Megan O’Connor, Ph.D., CEO and Co-Founder of Nth Cycle. “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.”
About Nth Cycle
Metal refinement is the business of Nth Cycle. They recover production-grade essential metals from low-grade ore, industrial scrap, and refining waste by collaborating with scrap recyclers and miners. The Oyster, a substitute for hydrometallurgy and pyrometallurgy, is a proprietary electro-extraction technology that can be used to recover essential metals for the energy transition in a clean, consistent, and customised manner.
