Battery recycling process developer Nth Cycle raises $12.5M in Series A round

Nth Cycle is a technology startup on a mission to commercialise a material recovery method based carbon nanotube filters and electro-extraction, has raised an additional $12.5M in funding following a seed round in early 2021 of $3.2M. The company says it is about to commercialize its technology already during 2022 with modular recycling units that enables recovery of battery materials from black mass. The outputs of the process are metal hydroxides that the company suggests can be sold to hydrometallurgical refineries for reuse in lithium-ion cathode manufacturing lines.

The funding round was co-led by the investment arm of Frankstahl, one of the largest privately held steel distribution companies in Europe, and VoLo Earth, a Colorado-based venture firm focused on climate solutions. Other investors in the financing include global commodities powerhouse, Mercuria, MassMutual through the MM Catalyst Fund, and previous investor Clean Energy Ventures.

Since the initial funding the company has scaled its technology from bench-scale to a full commercial demonstration, which will be deployed by April 2022. The company expects to announce customer deals in the first quarter of this year.

Read more about Nth Cycle and the funding here.