Nth Cycle, a critical minerals refining company, announced a business combination with Kensington Capital Acquisition Corp. VI that would take the company public on the NYSE, valuing Nth Cycle at an implied enterprise value of $585 million. The deal is expected to close in the fourth quarter of 2026, subject to regulatory and stockholder approvals.
Nth Cycle operates the first U.S. refinery producing high-purity nickel-cobalt mixed hydroxide product from recycled battery feedstock, backed by a 10-year off-take term sheet with Trafigura valued at approximately $1.1 billion and strategic development agreements with rare earth companies. The company’s modular OYSTER system and proprietary electroextraction platform are designed to convert industrial scrap, black mass, and primary feeds into refined nickel, cobalt, copper, and rare earth products with lower capital intensity and emissions than conventional refining.
The transaction proceeds are expected to include up to $230 million from Kensington’s trust and a common stock PIPE of up to $100 million, of which $40 million has been committed to date. Latham & Watkins LLP served as legal counsel and Cantor Fitzgerald & Co. as exclusive financial advisor to Nth Cycle, while Hughes Hubbard & Reed LLP served as legal counsel to Kensington.
KEY QUOTE:
“Kensington seeks partners who don’t just innovate, they redefine what’s possible for America’s future. Nth Cycle’s breakthrough OYSTER system is exactly that kind of transformative technology: a powerful, scalable solution that will secure our domestic critical minerals supply chain for the next century.”
Justin Mirro, Chairman and CEO, Kensington Capital Acquisition Corp. VI
