Nth Cycle

Nth Cycle sits at the intersection of two powerful tailwinds — the reshoring of critical-mineral refining and the decarbonization of a filthy industrial process — with technology that is already in commercial operation. Its modular electro-extraction system, "The Oyster," recovers nickel, cobalt, manganese and rare earths from spent batteries, mine tailings and low-grade ore using only electricity and carbon filters, replacing giant emissions-intensive smelters; an independent study found it cut refining emissions by roughly 92% versus conventional routes. Because the system is containerized and deployable on-site at recyclers and miners, it sidesteps the crushing capex and permitting burden of building a smelter, and a single Oyster can process more than 3,000 tonnes of scrap per year. The strategic timing is excellent: China dominates critical-mineral refining, and Western governments are pouring capital into domestic alternatives — Nth Cycle's May 2026 joint-development and licensing agreement with Ionic Rare Earths, integrating its technology into Ionic's Belfast facility from Q4 2026, ties it directly into the US–Australia critical-minerals framework. Spun out of MIT and Yale research and led by CEO Megan O'Connor, Nth Cycle has raised roughly $44M in Series B and non-dilutive financing and offers a capital-light, licensable path to distributed refining exactly as the West scrambles for supply-chain independence.