Caterpillar Investment In Nth Cycle Recycle Technology Developer

Caperpillar is investing in recycling technology developer Nth Cycle, as part of efforts to increase the reuse of metals used to make batteries and construction equipment.

This investment, announced on Monday, 4 Decemeber, which is part of the Series B financing round of 44 million US dollars (Rp682.7 billion) in Nth Cycle which is a private company. Nth Cycle is one of a number of companies competing to commercialize recycling methods for the green energy transition.

The Nth Cycle technology, which is designed to be used in portable systems they call 'Oyster,' uses the electrochemical process to selectively extract nickel and cobalt from used goods, batteries, or mining rocks.

The company's leadership markets this reliability to mining companies and the electric vehicle industry.

Each Oyster facility is capable of processing 3,000 metric tons of material per year and produces 300 to 500 metric tons of nickel or cobalt per year, depending on material sources.

"The novelty of our system is that this is really modular," said Megan O'Connor, founder and CEO of Nth Cycle, quoted by VOI from Reuters. "We want our customers to have options."

The first Oyster is under construction in Ohio and is expected to be operational by 2024. The company says that the process produces by-products of lithium waste and graphite that they plan to sell, but reuses water and some acids.

The company's name is intended to invoke the mathematical term "nth" and demonstrate the potential of metals to be recycled continuously.

Texas-based Caterpillar, which makes heavy machines characterized by its iconic yellow paint, says Nth Cycle technology can "help restore valuables" into circulation.

"The Caterpillar collaboration with Nth Cycle supports our commitment to help our customers achieve their climate-related goals and form a circular value chain," said Rod Shurman, senior vice president of electrification and energy solutions Caterpillar, in a statement released by Nth Cycle.

Gigant minyak asal Norwegia, Equinor, VoLo Earth Ventures, dan MM Catalyst Fund I juga berpartisipasi dalam lapang pendanaan Seri B ini. Equinor sudah berinvestasi dalam lapang pendanaan terakhir Nth Cycle yang diumumumkan pada tahun 2022.