Nth Cycle announced a landmark $1.1 billion multi-metal offtake agreement with Trafigura, representing the largest such agreement between a recycled black mass supplier and a critical mineral refiner. The agreement was signed at the Trump Administration's inaugural Indo-Pacific Energy Security Forum in Tokyo. This deal will support Nth Cycle's expanded operations in the US and Europe, focusing on the supply of critical minerals derived from recycled battery materials. The long-term agreement underscores the growing importance of circular economy solutions for battery materials and critical mineral supply chains.
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Deal Analysis
The $1.1 billion multi-metal offtake agreement between Nth Cycle and Trafigura establishes a new benchmark for critical mineral supply from recycled sources. This long-term arrangement, announced on March 16, 2026, during the Trump Administration's inaugural Indo-Pacific Energy Security Forum in Tokyo, represents the largest deal of its kind between a recycled black mass supplier and a critical mineral refiner. Nth Cycle, leveraging its patented electro-extraction technology, will supply critical minerals derived from recycled battery materials, supporting its expanded operations across the US and Europe under Project SHIELD. Trafigura secures a substantial, diversified supply of essential metals, directly addressing future demand for battery components. The commercial logic centers on Nth Cycle's ability to scale sustainable recovery, providing Trafigura with a secure, environmentally conscious source for its global commodities operations. This agreement, originating from Tokyo and impacting operations in South Carolina and Europe, structurally de-risks Nth Cycle's development stage expansion while guaranteeing Trafigura a consistent input stream.
Trafigura, a leading global commodities supplier, actively invests in renewable energy and clean energy technologies, including hydrogen and renewable power, making this multi-metal offtake a direct fit for its evolving portfolio and environmental objectives. The firm's motivation for the $1.1 billion agreement with Nth Cycle aligns with its stated aim to reduce environmental impact by securing critical minerals from sustainable, recycled sources rather than traditional mining. Nth Cycle, a clean technology company focused on sustainable recovery from spent batteries and industrial waste, gains a crucial long-term revenue stream and validation for its electro-extraction technology. This deal enables Nth Cycle to finance its development stage expansion in the US and Europe, ensuring the supply of critical minerals for future battery production. The agreement demonstrates how a global commodities leader like Trafigura is integrating circular economy solutions into its supply chains, while Nth Cycle solidifies its position as a key supplier in the nascent recycled battery materials market.
- $1.1 billion multi-metal offtake agreement, the largest between a recycled black mass supplier and a critical mineral refiner.
- Signed at the Trump Administration's inaugural Indo-Pacific Energy Security Forum in Tokyo on March 16, 2026.
- Nth Cycle will supply critical minerals from recycled battery materials, supporting US and European operations.
- Trafigura, a global commodities supplier, is actively investing in renewable energy and clean energy technologies.
- Nth Cycle utilizes patented electro-extraction technology for sustainable recovery.
- Project SHIELD is the specific development stage project name.
Source Intelligence
KEY DETAILS
Under the agreement, 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 agreement was signed at the Trump Administration's inaugural Indo-Pacific Energy Security Forum in Tokyo. Nth Cycle's existing commercialization is in Fairfield, Ohio (2024). The 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.
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Deal Size
valued at approximately $1.1 billion USD.
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Location
signed at Trump Administration's inaugural Indo-Pacific Energy Security Forum in Tokyo... Building on its successful 2024 commercialization in Fairfield, Ohio, Nth Cycle plans to establish new operations in South Carolina and the Netherlands
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PPA Details
has signed a binding 10-year agreement with Trafigura... Under the agreement, Trafigura will purchase 2,000 tonnes of contained nickel in mixed hydroxide precipitate (MHP) and 1,500 tonnes of lithium carbonate
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Announcement
BURLINGTON, Mass. , March 16, 2026 /PRNewswire/ -- Nth Cycle Announces Landmark $1.1 Billion Offtake Agreement with Trafigura
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Signing
BURLINGTON, Mass. , March 16, 2026 /PRNewswire/ -- Nth Cycle, the revolutionary critical metals refining company, has signed a binding 10-year agreement with Trafigura
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COD
Site selection will be completed this year, with operations beginning in 2028.
PARTIES MENTIONED IN SOURCE
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Nth Cycle
seller
"Nth Cycle, the revolutionary critical metals refining company, has signed a binding 10-year agreement with Trafigura"
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Trafigura
buyer
"Nth Cycle, the revolutionary critical metals refining company, has signed a binding 10-year agreement with Trafigura"
high quality
Enriched Mar 16, 2026
Global Infrastructure Sherpa