Nth Cycle

Date: 2026

Asset Class: Direct Investment

Description: Nth Cycle is an advanced materials company transforming how critical minerals are refined for the clean energy economy. Its patented electro-extraction technology enables modular, lower-cost refining of nickel, cobalt, lithium, rare earth elements, and other critical minerals from recycled batteries, mining waste, and other feedstocks. By making refining more efficient, flexible, and geographically distributed, Nth Cycle is helping build a more resilient and sustainable critical minerals supply chain.

Why We Invest: Critical minerals are essential to electric vehicles, renewable energy, and energy storage, yet much of the world's refining capacity remains concentrated in China. We invest in Nth Cycle because its breakthrough electrochemical refining technology has the potential to reduce costs, lower emissions, and expand domestic processing of these strategically important materials. Its flexible platform can process multiple feedstocks—from recycled battery materials to mining concentrates—making it a scalable solution for strengthening domestic critical mineral supply chains as global demand continues to grow. By enabling smaller, modular refining facilities, Nth Cycle is helping strengthen supply chain security while accelerating the transition to a circular, low-carbon economy.