Nth Cycle Receives $7.2M 48C Tax Credit Allocation from U.S. Department of Energy for Groundbreaking Critical Metal Refining Facility in Fairfield, OH

BOSTON, April 10, 2024 /PRNewswire/ -- Nth Cycle, a pioneering critical metal refining company, announced that it has been awarded a $7.2M tax credit allocation under the Inflation Reduction Act's Advanced Energy Project Tax Credit (48C) program, administered by the U.S. Department of Energy (DOE). Nth Cycle will use the tax credit to help establish the nation's first large-scale production of Mixed Hydroxide Precipitate (MHP) at the company's facility in Fairfield, Ohio. Nth Cycle's MHP, produced from its patented "Oyster" electro-extraction refining system, yields unprecedented purity of nickel and cobalt hydroxide while helping battery companies comply with the Inflation Reduction Act's domestic materials requirement for EVs.

Until now, there has been no domestic production of MHP in the United States, with manufacturers relying on inconsistent and non-compliant supply and quality from countries with questionable environmental practices and conditions. Nth Cycle's refining process could also reduce the associated production of greenhouse gasses by more than 90%, versus traditional mining processes, while fulfilling the sourcing requirements of the Inflation Reduction Act for domestic battery manufacturing. 

Fairfield OH, the location of Nth Cycle's new facility, is designated as a Disadvantaged Community according to the Climate and Economic Justice Screening Tool. Nth Cycle's facility projects to create new positions in Fairfield, offering crucial employment prospects within the burgeoning clean energy sector.

Megan O'Connor, co-founder and CEO of Nth Cycle, said, "As global dependence on essential metals for an electrified and secure economy grows, we must ensure that the extraction of these materials aligns with the clean, secure and efficient future we envision. A streamlined, sustainable, and domestic cost-effective supply chain for nickel and cobalt products not only expedites our journey towards that future but also positions the U.S. as a frontrunner in this global movement. Support from the DOE brings us one step closer to realizing our goal of reshaping the metal refining industry while creating sustainable, high-quality jobs in communities like Fairfield."

The 48C Program, a collaborative effort between the DOE, Department of the Treasury, and the IRS, is distributing $4 billion in tax credits to over 100 projects across 35 states. The projects aim to accelerate domestic clean energy manufacturing and reduce greenhouse gas emissions at industrial facilities. Under the program, Nth Cycle's initiative stands out as a significant step towards bolstering America's critical mineral and battery supply chain.

About Nth Cycle
Nth Cycle is a metal refining company focused on reduction opportunities across the metal supply chain. Our patented Electro-Extraction technology provides a sustainable solution for OEMs, miners, and scrap recyclers to reduce waste, emissions, supply chain constraints, and the time needed to electrify our world. Nth Cycle's unique refining technology transforms metal feedstock including scrap, waste streams, primary ore concentrate, and end-of-life electronics components into high-purity critical metals within a modular unit, aptly named The Oyster. Nth Cycle empowers our partners to bridge the gap between demand and supply of the metals necessary to transform our world and keep critical metals in production forever.

Media Contact:
Emily Torrans
Mahoney Communications Group
[email protected]
212-220-6045

SOURCE Nth Cycle