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- Nth Cycle
Nth Cycle Acquisition, Valuation, Funding & Investors
Nth Cycle was acquired by Kensington Capital Acquisition Corp. VI for $585M in July 2026.
Nth Cycle acquisition price
$585M
Acquired by Kensington Capital Acquisition Corp. VI · Jul 2026
Cumulative funding Nth Cycle raised
$53M
across 3 funding rounds
Key investors in Nth Cycle
Clean Energy Ventures
VoLo Earth Ventures
MassMutual Impact Investing
Elemental Impact
Equinor Ventures
Clean Energy Venture Group
MassMutual
Caterpillar Ventures
About Nth Cycle
Nth Cycle is a Boston-headquartered cleantech company developing electro-extraction technology for recovering critical minerals from battery waste and mine tailings. Its LF process extracts lithium, nickel, and cobalt at 95% efficiency without acids or high heat, partnering with recyclers like Li-Cycle and miners in North America. Operational since 2021, Nth Cycle scales modular systems to produce battery-grade materials, supporting the energy transition with lower costs and emissions.
Founded
2017
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Valuation
$585M (acquired Jul 2026)
Nth Cycle Acquisition
Nth Cycle was acquired by Kensington Capital Acquisition Corp. VI for $585M on 20 July 2026.
Before the acquisition Nth Cycle had raised $53M across 3 funding rounds.
Kensington Capital Acquisition Corp. VI announced a definitive agreement to merge with Nth Cycle in a SPAC transaction valuing Nth Cycle at an implied enterprise value of approximately USD 585 million, assuming no redemptions by Kensington stockholders and payment of estimated transaction expenses. The deal is expected to provide up to USD 230 million from Kensington’s trust account, subject to redemptions, plus up to USD 100 million from a common stock PIPE, including USD 40 million already committed by new and existing investors. The transaction is positioned to fund Nth Cycle’s growth as a critical mineral refiner and to support its public-market listing. The combined company is expected to be named Nth Cycle Holdings, Inc. and trade on the New York Stock Exchange under the ticker NTH, with closing targeted for the fourth quarter of 2026 subject to approvals and customary closing conditions. Nth Cycle is a critical mineral refining company focused on processing and refining materials tied to the energy-transition supply chain. The available transaction disclosure does not provide revenue, EBITDA, or operating KPI figures, but it does state the implied valuation, financing mix, and the amount of PIPE capital already committed.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 20 Jul 2026 | Strategic M&A | $585M |
Nth Cycle Funding History
Nth Cycle has raised a total of $53M across 3 funding rounds.
Nth Cycle's first fundraising round was a $3M seed round in April 2021. The most recent completed round was a $37M Series B in December 2023.
Nth Cycle funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2023 | Series B | Caterpillar Ventures (lead); Equinor Ventures (lead); MassMutual Impact Investing (lead); VoLo Earth Ventures (lead) | $37M | Nth Cycle is a Boston-based critical metals refining company developing patented electro-extraction technology called The Oyster, a modular system that recovers production-grade metals from industrial scrap, low-grade ore, battery waste, e-waste, and refining waste as a sustainable alternative to energy-intensive hydrometallurgy and pyrometallurgy. The technology enables clean, customizable extraction to support the energy transition, circular economy, renewable energy, electric vehicles, and domestic supply chains, with recent introduction of premium domestic Ni MHP product in early 2023 expected to be the first in the US. Since seed funding in 2021 ($3.2M led by Clean Energy Ventures) and Series A in 2022 ($12.5M co-led by Frankstahl and VoLo Earth Ventures with Mercuria and MassMutual), Nth Cycle scaled technology 100x, commercially deployed systems in 2022, doubled team size, tripled facility footprint in Beverly, MA, and expanded to a commercial facility. In December 2023, Nth Cycle closed a $37 million Series B equity round and $7 million in non-dilutive financing, totaling $44 million, led equally by VoLo Earth Ventures, MassMutual's MM Catalyst Fund I (focused on rural-based and Black-led businesses in Massachusetts), Caterpillar Venture Capital Inc. (subsidiary of Caterpillar Inc.), and Equinor Ventures (arm of multinational energy company Equinor). Funds will support commercialization via a new partner testing facility, commercial team growth, headquarters expansion, and further deployments of modular Oyster units addressing cost and technology gaps for battery recycling developers, OEMs, and chemical companies, with firm off-take agreements and 6-9 month deployment cycles. Nth Cycle also secured over $3 million in recent US Department of Energy awards, including $3 million from the Advanced Materials & Manufacturing Technologies Office (AMMTO), plus non-dilutive financing, bringing total equity funding over 2.5 years to nearly $60 million. The company anticipates new Oyster unit deployments soon after the financing and has built key relationships with investors, partners, and policymakers. |
| Feb 2022 | Series A | Elemental Impact (lead); Frankstahl (lead); VoLo Earth Ventures (lead); MassMutual; MassMutual Impact Investing; Clean Energy Ventures; Mercuria | $13M | Nth Cycle raised $12.5 million in Series A financing on February 15, 2022, co-led by the investment arm of Frankstahl and VoLo Earth Ventures, with participation from Mercuria, MassMutual through the MM Catalyst Fund, and Clean Energy Ventures. The company develops electro-extraction technology that uses electricity and carbon filters to recover critical minerals like cobalt and nickel from discarded batteries, low-grade ores, and mine site waste. Nth Cycle had scaled its technology 100x from bench-scale to full commercial demonstration by April 2022, doubled its team size, tripled its Beverly, MA facility footprint, and planned customer deals in Q1 2022. Funds supported deployment of first commercial units at recycling facilities and staff expansion in 2022. |
| Apr 2021 | Seed | Clean Energy Ventures (lead); MUUS; Clean Energy Venture Group | $3M | Nth Cycle secured $3.2 million in seed funding on April 8, 2021, led by Clean Energy Ventures with participation from Clean Energy Venture Group and MUUS. The company develops electro-extraction technology to recover critical metals like cobalt, nickel, and manganese from batteries, e-waste, low-grade ore, and mine tailings. This process uses electricity and carbon filters as a cleaner, lower-cost alternative to pyrometallurgy and hydrometallurgy, supporting circular supply chains for electric vehicles and energy storage. The funding enables scaling of Nth Cycle's metal processing technology for battery recycling and sustainable mining. Investors highlighted its potential to reduce e-waste, enhance mine efficiency, and mitigate climate impact by recovering minerals already in circulation. The technology features low capex, sub-two-year payback, 60% less energy use, and 75% lower operating expenses, allowing co-location at recyclers without shipping feedstocks. Nth Cycle's B2B model involves long-term supply agreements for high-quality critical metals to manufacturing partners in electric vehicles and renewable energy sectors across North America and Europe. |
Who has invested in Nth Cycle?
11 investors have backed Nth Cycle across its funding rounds, including Clean Energy Ventures, VoLo Earth Ventures, MassMutual Impact Investing, Elemental Impact, Equinor Ventures and Clean Energy Venture Group.
Lead investors include Caterpillar Ventures, Equinor Ventures, MassMutual Impact Investing, VoLo Earth Ventures, Elemental Impact and 2 other investors.
Nth Cycle Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Feb 2022 | ||
| 2 | Lead | Apr 2021 | ||
| 2 | Lead | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Apr 2021 | ||
| 1 | Lead | Feb 2022 | ||
| 1 | Lead | Feb 2022 | ||
| 1 | Lead | Dec 2023 | ||
| 1 | Lead | Dec 2023 | ||
This data is available for Pro users. Sign up to see all 11 Nth Cycle investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialNth Cycle Competitors
Nth Cycle competitors include listed companies like Array Technologies and Suzhou Thvow Technology, and private ones like HIF Global, Fulcrum Bioenergy, Carbon Clean Solutions and Nanotech Energy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $600M | - | ||
| Private | - | - | $603M | - | ||
| Private | - | - | $620M | - | ||
| Private | - | - | $550M | - | ||
| Publicly listed | $1.3B | $34M | $624M | 1.1x | ||
| Publicly listed | $380M | $32M | $627M | - |
Nth Cycle Public Comps
Nth Cycle is no longer listed, but its public comps include Zhejiang Netsun, Array Technologies, JinkoSolar, Chrysos Corp., Suzhou Thvow Technology, NYAB, CW Enerji, Kalyon Güneş Teknolojileri, Hansen Technologies and Aduro Clean Technologies.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $79M | ($2M) | 7.2x | - | (281.2x) | - | |||
| $1.3B | $34M | 1.2x | 1.1x | 46.7x | 7.4x | |||
| $9.8B | ($44M) | 0.6x | 0.6x | (139.1x) | 25.5x | |||
| $63M | $19M | 9.1x | 8.7x | 29.7x | 27.1x | |||
| $380M | $32M | 2.8x | - | 32.6x | - | |||
| $629M | $41M | 0.8x | 0.7x | 12.5x | 10.0x | |||
| $336M | $74M | 2.2x | - | 9.8x | - | |||
| - | - | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Nth Cycle competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Nth Cycle
| When was Nth Cycle founded? | Nth Cycle was founded in 2017. |
| Where is Nth Cycle headquartered? | Nth Cycle is headquartered in Boston, MA, United States. |
| Is Nth Cycle publicly listed? | No, Nth Cycle was acquired by Kensington Capital Acquisition Corp. VI in July 2026. |
| Who acquired Nth Cycle? | Nth Cycle was acquired by Kensington Capital Acquisition Corp. VI in July 2026. |
| How much was Nth Cycle acquired for? | Nth Cycle was acquired for $585M in July 2026. |
| How much funding has Nth Cycle raised? | Nth Cycle has raised $53M across 3 funding rounds. |
| What was Nth Cycle's last funding round? | Nth Cycle's last funding round was a $37M Series B in December 2023, led by Caterpillar Ventures, Equinor Ventures, MassMutual Impact Investing and VoLo Earth Ventures. |
| Who are Nth Cycle's investors? | Nth Cycle's investors include MassMutual Impact Investing, Clean Energy Ventures, VoLo Earth Ventures, MassMutual, MUUS, Elemental Impact, Frankstahl, Caterpillar Ventures, Equinor Ventures, Mercuria and 1 other. |
| Which companies are comparable to Nth Cycle? | Companies comparable to Nth Cycle include HIF Global, Fulcrum Bioenergy, Carbon Clean Solutions, Nanotech Energy, Array Technologies and Suzhou Thvow Technology. |
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