Nth Cycle raising $50M for battery metals refining

Metals-refining startup Nth Cycle is pursuing a $50 million Series B round to expand its metals-processing business.

Why it matters: The Beverly, Mass.-based company says its tech enables more efficient and sustainable minerals and metals recycling for batteries than conventional methods.

Driving the news: Nth Cycle has raised $20 million in the round so far, per an SEC filing yesterday afternoon. It began fundraising this month.

What’s happening: Nth Cycle uses what it calls “electro extraction” to recover battery minerals like nickel and cobalt.

Of note: The company last year raised a $12.5 million Series A led by the investment arm of Austrian steel trader Frankstahl and Colorado venture firm VoLo Earth.

• Mercuria, MassMutual’s MM Catalyst Fund, and Clean Energy Ventures participated in that round.