Mentioned:
A critical minerals refining company is preparing to make their Wall Street debut.
What’s happening:
- Nth Cycle has entered into a business combination agreement with Kensington Capital Acquisition Corp VI (NYSE: KCAC) to become a publicly traded company on the New York Stock Exchange
By the numbers:
- The new SPAC deal gives Nth Cycle a valuation of roughly $585M USD
Why it matters:
- Nth Cycle has publicly stated that they are the only company in the United States of America who is currently producing high-purity nickel-cobalt from recycled batteries
Going deeper:
- Nth Cycle’s flagship critical minerals refining facility is located in Fairfield, Ohio and is capable of processing up to 3,100 tonnes of scrap feedstock annually to produce up to 900 tonnes of nickel-cobalt mixed hydroxide precipitate
- Commodity trading giant Trafigura previously struck a $1.1B USD offtake deal with Nth Cycle to purchase 2,000 tonnes of nickel and 1,500 tonnes of lithium carbonate annually
The intrigue:
- Caterpillar’s (NYSE: CAT) venture capital arm previously made a strategic investment into Nth Cycle
