Key facts
- Nth Cycle has signed a $1 billion offtake agreement with Glencore.
- The deal involves lithium and other critical minerals extracted from recycled batteries.
- The agreement was signed on Tuesday.
- Nth Cycle plans to go public later this year.
- Nth Cycle previously announced a $1.1 billion agreement with Trafigura.
- Nth Cycle's technology is designed to refine critical minerals from black mass.
Metals refining startup Nth Cycle has secured a $1 billion offtake agreement with Glencore to supply lithium and other critical minerals derived from recycled batteries, according to a Reuters report. The deal, signed on Tuesday, coincides with the United Nations General Assembly and aims to bolster Western supply chains for essential battery materials ahead of Nth Cycle's planned public listing later this year.
This new agreement with Glencore follows a previously announced 10-year offtake agreement with Trafigura, valued at approximately $1.1 billion, for 2,000 tonnes of contained nickel in mixed hydroxide precipitate (MHP) and 1,500 tonnes of lithium carbonate, refined from 12,000 tonnes of black mass. Nth Cycle's technology, the Oyster system, is designed to be modular and deployable, aiming to reduce capital intensity and build times compared to traditional refineries.
Nth Cycle is positioning itself to address the critical minerals bottleneck, which is currently dominated by China, controlling about 85% of the world's purification of mineral-rich materials. The company focuses on three key metal markets: rare earths for military systems and electronics, copper for electricity transmission, and battery materials for energy storage and electrification. Nth Cycle plans to establish new operations in South Carolina and the Netherlands to support its production goals.
The company is also pursuing a public listing through a business combination with Kensington Capital Acquisition Corp. VI, which values Nth Cycle at an implied enterprise value of $585 million. This transaction is expected to close in the fourth quarter of 2026, subject to regulatory and stockholder approvals, and aims to provide capital for scaling operations.