Nth Cycle, the critical metals refining company, has secured a total of $44 million in Series B financing and an additional $7 million in non-dilutive financing . The round was led by VoLo Earth Ventures, a Colorado-based venture firm with a focus on climate solutions. Other notable investors include MassMutual through the MM Catalyst Fund I, Caterpillar Venture Capital Inc., and Equinor Ventures.
Nth Cycle focusses on innovating clean and sustainable technologies. This latest round of financing is poised to help scale up their clean metal refining technology. The participation of investors like Caterpillar Venture Capital Inc. and Equinor Ventures, alongside VoLo Earth Ventures and MassMutual, underscores the industry’s growing emphasis on sustainable and environmentally responsible practices in metal refining.
“Caterpillar’s collaboration with Nth Cycle supports our commitment to helping our customers achieve their climate-related objectives and establishing a circular value chain. 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.”
Rod Shurman, Senior Vice President of Electrification and Energy Solutions at Caterpillar.
The Series B funding is not just a financial boost for Nth Cycle; it represents a broader shift in the industry towards cleaner, more sustainable methods of metal refining. As the demand for critical metals, especially those used in batteries and other green technologies, continues to rise, the importance of such sustainable refining processes becomes even more pronounced.
This investment in Nth Cycle is part of a wider trend in the manufacturing industry, particularly in sectors that deal with critical materials essential for the production of high-tech and green technologies. The focus on clean, sustainable practices is becoming increasingly central to these industries, driven by both environmental concerns and the need to ensure a stable supply of critical materials in a way that minimizes environmental impact.
The involvement of major players like Caterpillar and Equinor Ventures in this funding round also highlights the importance of collaborative efforts between different sectors to achieve sustainability goals. Such collaborations are crucial in driving innovation and scaling up technologies that can have a significant impact on the industry’s carbon footprint and overall environmental impact.
“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. 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.”
Megan O’Connor, Ph.D., CEO and Co-Founder of Nth Cycle
