OYSTER by Nth Cycle: status and timeline

Milestones

Next · Ohio facility commissioning

Pilot facility operations2021Complete.
Series B funding closesJun 2023Complete.
SPAC merger announcedAug 2026Complete.
Ohio facility commissioningTarget Oct 2026Current milestone.
Public listing (Kensington merger closes)Target Q4 2026Not yet reached.

Most important updates

Nth Cycle announced SPAC merger with Kensington Capital Acquisition at $585M pre-deal equity valueAug 2026
Nth Cycle closes Series B funding round to commercialize OYSTER processDec 2023

Upcoming

Oct 2026Ohio facility commissioning (next)
Q4 2026Public listing (Kensington merger closes)
2027EV battery recycling volumes surge

Current obstacles

Black mass composition variabilityDifferent battery chemistries and scrap sources produce black mass with varying Ni:Co ratios and impurity levels, requiring process adjustment.
Cost at scaleElectrochemical cells require capital equipment and electricity; unit economics depend on high throughput and favorable metal prices.

Physics limits

Electrical energy costElectrochemical refining consumes significant electricity; in high-cost power regions, the process may not beat alternative routes.
Lithium recoveryCurrent OYSTER design focuses on Ni and Co; lithium recovery (if included) requires different electrochemical conditions and more complex electrolyte management.
Feed rate throughputElectrochemical reactor capacity is limited by current density and electrode surface area; scaling requires larger cells or more parallel units, increasing capex.

How it works

4 parts

Input

Black mass feedstock

Battery cells are mechanically recycled to separate metals, plastics and other materials, producing black mass powder of metal oxides.

Dissolution

Acid leaching

Black mass dissolves in acid, releasing Ni, Co and Li ions into solution while leaving insoluble impurities behind.

Selective Recovery

Electrochemical deposition

Applied voltage directs Ni and Co ions to deposit as pure metals on electrodes, while other ions remain.

Product

Battery-grade metals

Recovered metals meet battery industry standards and are sold back to cell makers, displacing virgin mining.

Spec sheet

Spec	OYSTER
Nickel recovery from black mass	>95%^R (reported)
Cobalt recovery from black mass	>95%^R (reported)
Metal purity	Battery-grade (>99.5%)^R (reported)
Ohio facility initial capacity	Thousands of tonnes black mass/year^R (reported)

^R reported by the company

Update log

2 updates

Aug 2026

Major: Nth Cycle announced SPAC merger with Kensington Capital Acquisition at $585M pre-deal equity valuePressFunding

Dec 2023

Major: Nth Cycle closes Series B funding round to commercialize OYSTER processPressFunding

About Nth Cycle

The team behind OYSTER

Nth Cycle

OYSTER electrochemical refining, battery black mass

Nth Cycle recovers nickel and cobalt from battery black mass using the OYSTER electrochemical process. Proceeding with SPAC merger with Kensington Capital in 2026 (expected Q4) at $585M enterprise value, with a $1.1B Trafigura offtake agreement.

OYSTER recovers Ni, Co from battery black mass by electrolysis, cheaper and cleaner than smelting.
Trafigura offtake agreement validates market demand for recovered metals.
Ohio facility commissioning fall 2026; SPAC merger expected Q4 2026.

nthcycle.com (opens nthcycle.com)Company profile →

Founded: 20179 yrs
Headquarters: United States
Status: Private
Valuation: $585Mdeal valueAug 2026
Raised: $50M2 rounds
Last round: SPAC merger · $230MJul 2026
Works in: MaterialsBattery recycling
Coverage: 1 program · 2 updateslatest 1 Aug 2026checked 11 Oct
Lead investors: Kensington Capital Acquisition Corp. VIVoLo Earth VenturesMM Catalyst Fund ICaterpillar Venture CapitalEquinor Venturesfrankstahl
Partners: Trafigura (opens trafigura.com)
People: Megan O'Connor (opens nthcycle.com)CEO and Co-founderChad Vecitis (opens nthcycle.com)Chief Scientist and Co-founder

Spec

OYSTER

Nickel recovery from black mass

>95%^R (reported)

Cobalt recovery from black mass

>95%^R (reported)

Metal purity

Battery-grade (>99.5%)^R (reported)

Ohio facility initial capacity

Thousands of tonnes black mass/year^R (reported)