Asset backing — the physical substrate
ALKN is backed by exactly one thing: high-purity Class 1 nickel wire. This page documents what that substance is, who has verified it, how it is valued, and how holders can confirm it remains in custody.
The material
Not every form of nickel is equal. LME contracts, for instance, cover a range of Class 1 cathode specifications and do not address nickel wire drawn for EMI shielding, aerospace, or electrolysis use. ALKN's backing is specifically drawn 99.99% NP1 nickel wire — the form factor used by hydrogen electrolyser OEMs, satellite bus manufacturers, and EV battery cell producers.
Specification
| Property | Specification | Significance |
|---|---|---|
| Grade | NP1 (GOST 492) | Highest commercial purity class |
| Purity | 99.99% Ni | Eligible for Class 1 industrial use |
| Form | Drawn wire | High surface area · electrolyser ready |
| Total length | 7,026,905 m | Measured, not estimated |
| Storage | Swiss bonded vault | Duty-suspended · temperature-controlled |
Validation stack
Material purity, specifications, and performance are validated by five independent institutions and a leading scientist across three continents. Each performs a distinct function — no single party signs off on the whole. Audited by Deloitte Luxembourg and Ria Grant Thornton.
Prof. Upadrasta Ramamurty
Leading scientist · NTU Singapore
Independent scientific review (personal capacity) · metallurgy, grain-boundary behaviour, electrochemical performance. NTU Singapore is named as affiliation only; no institutional endorsement is implied.
IIT Delhi
Materials science validation · microstructure, grain orientation, impurity profile, tensile and drawn-wire properties.
Lectromec (NASA-certified)
NASA-certified EMI shielding certification · aerospace-grade electromagnetic performance (IEEE 299).
Allkema Engineering Srl / ASACERT UK
Engineering and product certification · ISO-aligned supply-chain integrity, chain-of-custody audit, and technical acceptance.
NSL Analytical USA
US-based analytical laboratory · independent assay (GDMS, wet chemistry) and Class 1 purity certification.
Deloitte Luxembourg / Ria Grant Thornton
Auditors
Financial audit of the Alkemya Metacore SCSp accounts, including the nickel inventory and fair-value reconciliation.
Note on scope: Prof. Ramamurty provides scientific review in his personal capacity. NTU Singapore and IISc Bangalore appear in published literature citations only and are not institutional validators of ALKN.
Valuation
Aranca, an independent valuation firm, has assessed the underlying nickel inventory at USD 1.64 billion at Class 1 spot pricing with an applied NP1 purity premium. The valuation methodology is disclosed in the offering memorandum on Site 1 and is re-performed at quarterly intervals.
ALKN is offered at USD 1.00 per interest, and the partnership documents state an LP NAV of USD 2.05 per interest. The gap between issue price and stated LP NAV is a contractual attribute of the offering (reflecting the 5-year vested lockup on 600M of the 800M supply, the staged sales schedule, and the illiquidity of a private placement) — it is not evidence of undervaluation, not a bounded-return implication, and not a promise of future price convergence. Actual investor outcomes depend on realized sales, distributable proceeds, secondary-market liquidity and the operative waterfall. See Token economics →
Proof of reserves
Two mechanisms together constitute proof of reserves for ALKN:
- Deloitte Luxembourg performs quarterly audit of the SCSp's books, including verification of the underlying asset position.
- Ria Grant Thornton performs an independent physical-inventory attestation at the Swiss vault.
- Both attestations are published to /data/entity.json and to the Site 1 institutional portal.
Why nickel wire specifically
Three reasons, stacked:
- Demand durability. Hydrogen electrolysers, EV battery cells, and aerospace EMI shielding have structural, multi-decade demand profiles largely uncorrelated with LME cathode spot pricing.
- Form-factor premium. Drawn wire carries a 10–25% premium over cathode because of the manufacturing step. That premium is the economic reason for the LP-interest discount mechanism.
- Limited supply. Class 1 nickel capable of producing NP1-grade wire is a minority of global nickel supply. Indonesia's export controls are tightening Class 2 supply, but Class 1 supply is the bottleneck for the energy transition.
Ready to review the offering documents? The Regulation S memorandum, subscription agreement, and KYC/AML pathway live on Site 1.
Review offering documents →