Battery and metal recycling technology company Nth Cycle has raised $12.5 million in Series A funding, which it will use to deploy the first commercial units of its electro-extraction technology to recycling facilities in 2022 and to grow its technical and development staff.
Nth Cycle’s electro-extraction technology uses electricity and carbon filters to recover cobalt and nickel from discarded batteries, low-grade ores and mine site waste. Compared to the pyrometallurgical and hydrometallurgical methods commonly used by battery recyclers and mining companies, Nth Cycle says electro-extraction is cleaner and costs less. Since its launch in 2021, Nth Cycle has doubled the size of its team, tripled the footprint of its facilities in Massachusetts and finished second at the TechCrunch Disrupt conference in 2021.
Nth Cycle expects to announce customer deals in the first quarter of 2022 and plans to perform a full commercial demonstration by April.
Source: Nth Cycle