Nth Cycle
Nth Cycle is a U.S. metal processing technology company that uses its patented OYSTER® electro-extraction platform to refine mined and recycled feedstocks into production-grade nickel, cobalt, lithium, rare earths, and copper for defense, energy, technology, and AI supply chains via long-term offtake agreements and technology licensing.
- Company typePrivate
- Founded2017
- HeadquartersBeverly, United States
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Nth Cycle does
Nth Cycle is a U.S.-based metal processing technology company that refines mined and recycled feedstocks into production-grade critical minerals using its patented OYSTER® electro-extraction platform. The platform integrates electrochemistry, filtration, and precipitation into a modular stack of tunable electrochemical cells that can be deployed at 5-10x smaller scale and 70% lower capital intensity than conventional centralized solvent-extraction refineries, with deployment cycles of 2 years or less (including permitting) and up to 75% less waste. OYSTER® units are designed to recover battery materials (nickel, cobalt, lithium, graphite), rare earth elements, and copper, serving industrial buyers in defense, energy, technology, and artificial intelligence supply chains that currently rely on Chinese processing of more than 85% of global critical minerals.
The company's business model combines two revenue streams. The primary stream is long-term binding offtake agreements with major commodity counterparties, exemplified by a 10-year, $1.1 billion offtake signed in March 2026 with Trafigura covering 2,000 metric tons of contained nickel, 1,500 metric tons of lithium carbonate, and 12,000 metric tons of black mass feedstock annually. The secondary stream is technology licensing and joint development agreements with refining partners, exemplified by the May 2026 Joint Development and Licensing Agreement with Ionic Rare Earths Limited, which integrates OYSTER® into IonicRE's Belfast facility beginning Q4 2026 to produce rare earth oxides (neodymium, praseodymium, dysprosium) for permanent magnets. Nth Cycle's go-to-market is enterprise sales-led and event-driven (e.g., the US-Japan co-hosted Tokyo energy security forum), targeting defense, energy, technology, and AI customers with direct outreach and long-cycle custom contracts.
Nth Cycle is a privately held Delaware-incorporated corporation (Nth Cycle, Inc.) with its headquarters in Burlington, Massachusetts, founded circa 2017 and incubated by Greentown Labs. It has raised approximately $64 million cumulatively across disclosed equity and non-dilutive funding rounds, including a $3.2M seed (2021), a $12.5M Series A (Feb 2022), and a $37M round (Dec 2023) co-led by Caterpillar Ventures, Equinor Ventures, MassMutual Impact Investing, and VoLo Earth Ventures. The company operates its first commercial-scale OYSTER® system in Fairfield, Ohio (operational since November 2024), with planned expansion facilities in South Carolina and the Netherlands targeted for 2028 operations, and is led by co-founder and CEO Megan O'Connor and CTO Gabi Knesel.
Nth Cycle firmographics
Firmographics- Name
- Nth Cycle
- Legal name
- Nth Cycle, Inc.
- Website
- https://nthcycle.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Nth Cycle is a U.S. metal processing technology company that uses its patented OYSTER® electro-extraction platform to refine mined and recycled feedstocks into production-grade nickel, cobalt, lithium, rare earths, and copper for defense, energy, technology, and AI supply chains via long-term offtake agreements and technology licensing.
- Ownership category
- akta.pro rank
Where Nth Cycle is headquartered
LocationHeadquarters
- HQ city
- Beverly
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Nth Cycle business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Infrastructure, Supply Chain, Personnel, Operations
Revenue model
- Critical Mineral Offtake Sales: Long-term binding offtake agreements (e.g., 10-year, $1.1 billion with Trafigura) under which Nth Cycle sells refined nickel, lithium carbonate, and cobalt produced from black mass feedstock processing. Revenue scales with volumes delivered.
- Technology Licensing and Joint Development: Licensing of the OYSTER® electro-extraction technology to partners (e.g., Ionic Rare Earths) for integration into their refining operations, paired with joint development and licensing agreements that generate licensing royalties and co-development revenue.
- Production-Grade Refined Metal Sales: Sale of production-grade refined metals produced from both mined and recycled feedstocks to industrial buyers across batteries, magnets, semiconductors, defense, energy, and AI applications.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom multi-year offtake agreements negotiated per counterparty (e.g., Trafigura: $1.1B over 10 years for refined nickel and lithium carbonate from black mass) |
Go-to-market motion4 records
Distribution channels3 records
Marketing channels6 records
Nth Cycle product offering
Product offeringCore offering
Nth Cycle operates the OYSTER® electro-extraction platform, a patented modular system of tunable electrochemical cells that refines mined and recycled feedstocks into production-grade critical minerals including nickel, cobalt, lithium, graphite, rare earth elements, and copper. The platform is deployed across commercial-scale facilities in Ohio and is being expanded to South Carolina and the Netherlands, supplying industrial buyers in defense, energy, technology, and AI sectors.
Product overview
Nth Cycle offers a single unified industrial platform, the OYSTER® system, rather than a multi-product software suite. The OYSTER platform is a modular stack of tunable electrochemical cells that performs electro-extraction/refining for three primary product/service lines: Battery Materials Refining (nickel, cobalt, lithium, graphite from scrap and black mass), Rare Earths Refining (in partnership with Ionic Rare Earths), and Copper Refining. Deployments of OYSTER units span Ohio, South Carolina, and the Netherlands, and the platform serves downstream supply chains in defense, energy, technology, and artificial intelligence. OYSTER® is a registered trademark of Nth Cycle, Inc.
Differentiator
Problem solved
Functional benefit
Brands
- OYSTER®: Nth Cycle's patented modular electro-extraction processing platform used to refine mined and recycled feedstocks into production-grade critical minerals (battery materials, rare earth elements, copper). OYSTER® is described as a registered trademark of Nth Cycle, Inc.
Products and services
- OYSTER® Electro-Extraction Platform Nth Cycle's patented electro-extraction platform integrates electrochemistry, filtration, and precipitation into a modular stack of tunable electrochemical cells. The system bypasses the cost, build-out time, and waste of traditional centralized refineries and can be installed in existing buildings at a fraction of the cost and time. OYSTER® is a registered trademark of Nth Cycle, Inc.
- Battery Materials Refining Application of the OYSTER platform for refining battery-grade materials including nickel, cobalt, lithium, and graphite from black mass and scrap. OYSTER units for this application are deployed in Ohio, with planned South Carolina and Netherlands facilities.
- Rare Earths Refining Application of the OYSTER platform for refining rare earth elements, supported by Nth Cycle's joint development agreement with Ionic Rare Earths Limited. Targets separation and recovery of rare earth feedstocks outside of centralized solvent-extraction refineries.
- Copper Refining Application of the OYSTER platform for refining copper from secondary and primary feedstocks. The same modular electrochemical cell stack can be tuned for copper recovery alongside battery materials and rare earths.
Quantifiable outcome
- 70% lower capital intensity at 5-10x smaller scale
- +3 more outcomes
Companies that use Nth Cycle
Customer profileNamed customers2 records
Segments4 records
Ideal customer profiles3 records
Nth Cycle technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature7 records
Nth Cycle partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered supporting and flagship.
- Greentown LabssupportingNth Cycle was incubated by Greentown Labs, the largest climatotech incubator in North America, alongside peers such as Form Energy, Fervo Energy, and Via Separations. Greentown Labs provided early-stage incubation, mentorship, and ecosystem support for the company.
- Ionic Rare Earths Limited (IonicRE)flagshipJoint Development and Licensing Agreement to integrate Nth Cycle's OYSTER® electro-extraction technology into IonicRE's Belfast, Northern Ireland demonstration facility beginning Q4 2026. The deal replaces the traditional precipitation step (oxalic acid) with Nth Cycle's closed-loop electricity-driven process, regenerating hydrochloric acid for continuous reuse. Aims to establish end-to-end rare earth refining in the U.S. and globally that bypasses Chinese processing and reduces IonicRE's benchmark carbon footprint by approximately 50%. Targets high-purity oxides (neodymium, praseodymium, dysprosium) for permanent magnet production serving EV and defense sectors.
- Trafiguraflagship10-year, $1.1 billion binding offtake agreement under which Trafigura purchases 2,000 metric tons of contained nickel, 1,500 metric tons of lithium carbonate, and 12,000 metric tons of black mass feedstock annually from Nth Cycle's planned South Carolina and Netherlands facilities (operations targeted for 2028). Described as the largest multi-metal commercial agreement between a recycled feedstock supplier and critical minerals refiner. Deal was signed and announced at the Tokyo energy security forum co-hosted by Japan and the United States.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
Nth Cycle competitors and assessment
Company assessmentDirect peers
- Redwood Materials: Founded by JB Straubel (Tesla co-founder), Redwood Materials is the leading US battery recycling and refining company producing nickel, cobalt, lithium, and copper from end-of-life batteries and scrap. Closely comparable business model (battery black mass refining, downstream cathode/cell customers) and direct competitor for battery critical mineral offtake.
- Li-Cycle: Publicly listed (NYSE: LICY) lithium-ion battery recycler using a hydrometallurgical 'spoke-and-hub' model to produce black mass and refined battery materials. Direct comparable to Nth Cycle's battery materials refining line, with a similar target customer set of battery manufacturers and OEMs.
- Ascend Elements: US-based battery materials company converting black mass into cathode precursor materials for lithium-ion batteries. Directly comparable in feedstock (black mass), output (battery-grade nickel/cobalt/lithium), and customer base (cell manufacturers and OEMs).
- Cyclic Materials: Canada-based critical materials recycler with hydrometallurgical REEPure process for rare earth elements and battery metals recovery. Closely comparable technology positioning and customer base, particularly around rare earth and magnet material supply chains.
Emerging players
- Princeton NuEnergy: Direct cathode recycling startup using low-temperature plasma processing to recover lithium, cobalt, and nickel from end-of-life batteries. Emerging alternative recycling route that competes for battery recycler partnerships and DOE grants.
- Phoenix Tailings: US rare earth producer using proprietary zero-emission electrochemical refining to produce magnet-grade rare earth metals without dependence on Chinese processing. Closely aligned with Nth Cycle's onshoring thesis and electrochemical, modular processing approach for critical minerals.
- Glidat Technologies (GlidArc / electrochemical refining startups): Various emerging electrochemical and hydrometallurgical critical mineral refining startups that pursue modular, lower-capex alternatives to centralized pyrometallurgical refining. These represent potential future competitors or technology licensors in the same modular refining category as OYSTER®.
Broad incumbents
- MP Materials: Largest US rare earth mining and processing company; operates Mountain Pass and is building downstream magnet manufacturing. Comparable strategic positioning in rare earth supply chain onshoring, though upstream mining rather than downstream electrochemical refining.
- Umicore: Belgian-headquartered global materials and recycling group with major battery materials and precious metals refining operations. Comparable as an established incumbent in critical mineral refining that Nth Cycle competes against for industrial offtake and licensing customers.
- Glencore: Global commodity trader and miner with substantial cobalt, nickel, and copper operations and recycling activity. Comparable as a counterparty reference for commodity offtake structures and as a competitor for battery-grade metal supply.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Nth Cycle social profiles
Digital presenceNth Cycle compliance and trust
Trust signalCompliance1 record
Nth Cycle financial estimates
Financial estimateRevenue estimate
Valuation estimate
Nth Cycle leadership team
Management profileNumber of profiles
Profiles3 records
Nth Cycle funding detail
Funding detailFunding overview
Funding rounds13 records
Investors17 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Nth Cycle M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Nth Cycle
What does Nth Cycle do?
Nth Cycle operates the OYSTER® electro-extraction platform, a patented modular system of tunable electrochemical cells that refines mined and recycled feedstocks into production-grade critical minerals including nickel, cobalt, lithium, graphite, rare earth elements, and copper. The platform is deployed across commercial-scale facilities in Ohio and is being expanded to South Carolina and the Netherlands, supplying industrial buyers in defense, energy, technology, and AI sectors.
Is Nth Cycle a public or private company?
Nth Cycle is a private company. It is classified as venture growth investor backed and is currently operating.
When was Nth Cycle founded?
Nth Cycle was founded in 2017. It employs 11 to 50 people.
Where is Nth Cycle based?
Nth Cycle is headquartered in Beverly, United States, in the North America region.
How does Nth Cycle make money?
Three revenue lines are on record. Critical Mineral Offtake Sales are the primary driver. The others are technology Licensing and Joint Development and production-Grade Refined Metal Sales.
Who are Nth Cycle's main competitors?
Direct peers on record are Redwood Materials, Li-Cycle, Ascend Elements and Cyclic Materials. Emerging players are Princeton NuEnergy, Phoenix Tailings and Glidat Technologies (GlidArc / electrochemical refining startups). Broad incumbents are MP Materials, Umicore and Glencore.
Does Nth Cycle have an API?
No public API is recorded for Nth Cycle.