Recycling technology developer Nth Cycle inks $1B offtake deal with Trafigura 

Massachusetts-based recycling technology developer Nth Cycle announced Monday it has signed a binding 10-year agreement with Trafigura valued at approximately $1.1 billion. 

The agreement was signed in Tokyo as government and business leaders gathered to discuss energy security at the first Indo-Pacific Energy Security Ministerial and Business Forum. 

Under the terms, Trafigura will purchase 2,000 tonnes of contained nickel in mixed hydroxide precipitate (MHP) and 1,500 tonnes of lithium carbonate, which will be refined from 12,000 tonnes of black mass – marking a significant milestone for Western supply chains and the largest multi-metal commercial agreement between a recycled feedstock supplier and refiner, the company said.  

Building on its 2024 commercialization in Fairfield, Ohio, Nth Cycle said it plans to establish new operations in South Carolina and the Netherlands to support production, installing its ‘Oyster’ system in existing facilities in both regions. Site selection will be completed this year, it said, adding that operations are planned to begin in 2028. 

Nth Cycle’s technology, designed to be used in a portable system it has branded ‘Oyster,’ utilizes an electrochemical process to selectively extract nickel and cobalt from scrap, batteries or mined rock. 

“There is an urgent need to build capacity for black mass refining and develop more diversified and robust supply chains — particularly in the U.S., where securing domestic critical mineral processing capabilities is increasingly central to energy and industrial policy,” Nth Cycle CEO Megan O’Connor said in a news release. 

“We are delighted to be working with Nth Cycle to strengthen and diversify critical minerals supply chains,” Trafigura’s global head of battery metals Daniel von Arx added. “There are no critical minerals without refining, and the signing of this offtake agreement demonstrates our commitment to supporting critical minerals security. The combination of Nth Cycle’s innovative refining technology and our global reach, scale and logistics network positions us to connect these vital resources with customers around the world.”  

South Carolina: Project SHIELD                                                                                                                      
Designated as Project SHIELD (Strategic Hub for Industrial Electro-Extraction & Logistics Defense), Nth Cycle said its new Southeast operations will strengthen domestic supply chains supported by US federal initiatives and multiple industries, including grid storage, AI data centers, defense systems and transportation applications. 

Nth Cycle said the location benefits from strategic port access and proximity to one of North America’s fastest-growing energy corridors. 

 
The company’s new EU operations are supported by Nth Cycle’s €7.5 million grant from the National Growth Fund, awarded under the Critical Raw Materials (CRM) Lion initiative to build circular supply chains compliant with the region’s net-zero regulations, including mandates to use recycled cobalt and nickel in new electric vehicles, restrictions on shipping black mass across member country borders, and banning its export to China.