KEY POINTS
- Nth Cycle signed a 10-year, $1bn Glencore minerals deal.
- Glencore will supply 24,000 tonnes of battery black mass yearly.
- Nth Cycle plans a larger US facility ahead of its public listing.
Nth Cycle has secured a 10-year, $1 billion agreement with global commodities trader Glencore to supply lithium and other critical minerals recovered from recycled batteries, strengthening the US metals recycling company’s position ahead of its planned public listing.
US metals refining startup Nth Cycle has signed a 10-year offtake agreement worth about $1 billion with Glencore, under which it will process recycled battery materials and supply the commodities giant with critical minerals.
The deal, first reported by Reuters, is one of the largest agreements in the US battery recycling sector and comes as governments and companies seek more reliable domestic supplies of minerals needed for electric vehicles, energy storage and other clean energy technologies.
Under the agreement, Glencore will provide Nth Cycle with about 24,000 metric tons of shredded battery material, commonly known as black mass, every year.
Black mass contains valuable metals recovered from used batteries. Nth Cycle will process the material using its proprietary electrochemical technology and produce lithium carbonate and a nickel-rich material known as mixed hydroxide product for Glencore.
The final volumes of minerals supplied will vary depending on the composition of the black mass, as battery chemistries contain different proportions of lithium, nickel and other metals.
The $1 billion estimated value of the agreement is based on metals prices recorded in the second quarter of 2026.
Nth Cycle expands US processing plans
Nth Cycle plans to build a large commercial processing facility in the southeastern United States to handle the materials supplied under the Glencore agreement, as well as a separate offtake agreement with commodities trader Trafigura.
The company expects to announce the location of the facility later this year, with operations targeted to begin by 2029.
The plans represent a shift from an earlier proposal to build the facility in South Carolina and begin operations in 2028. Nth Cycle said it has since doubled the planned size of the facility after receiving a $100 million grant from the US Department of Energy in August.
The company is now searching for a larger site capable of accommodating the expanded operation.
Nth Cycle Chief Executive Officer Megan O’Connor described the Glencore agreement as a strategic partnership that would help accelerate the development of the US critical minerals market.
The partnership also gives Glencore a greater role in developing a domestic supply chain for recycled battery materials.
Glencore said the agreement would help it “close the loop” in the supply of critical minerals to its US customers. The commodities giant has significant experience in the battery recycling market and acquired the assets of bankrupt battery recycler Li-Cycle last year.
The Glencore agreement comes as Nth Cycle prepares to become a publicly traded company.
In July, Nth Cycle announced plans to go public through a merger with special purpose acquisition company Kensington Capital Acquisition. The transaction values the company at about $585 million.
The planned listing is expected to provide the company with additional capital to finance its expansion at a time when demand for battery materials and critical minerals remains a major focus of US industrial policy.
