Nth Cycle, a US-based metals refining company, has signed a $1 billion offtake agreement with Glencore to supply lithium and other critical minerals recovered from recycled batteries. The ten-year contract, announced at Glencore's New York offices on September 23, 2026, represents one of the largest supply deals to date in the US battery recycling industry. Under the terms of the agreement, Glencore will supply Nth Cycle with approximately 24,000 tonnes per annum of shredded battery materials, commonly referred to as black mass.
Nth Cycle will then process this material using its proprietary electrochemical extraction technology to produce lithium carbonate and a nickel-rich substance called mixed hydroxide product, which will be supplied back to Glencore over the contract period. The actual amounts delivered will depend on the mineral content in the black mass received, with the contract value based on metals prices as of the second quarter of 2026. Nth Cycle CEO Megan O'Connor characterized the partnership as a strategic collaboration that accelerates the critical minerals market in the United States.
Glencore stated that the deal aligns with its objective to help close the loop in the supply of critical minerals for its US customers. The agreement comes following Nth Cycle's receipt of a $100 million grant from the US Department of Energy last month, which prompted the company to announce plans for developing a commercial refining facility in the southeastern United States. Operations at the expanded facility are expected to commence by 2029, with the specific location to be announced later in 2026.
Nth Cycle recently announced plans to list publicly through a merger with Kensington Capital Acquisition, with the company valued at $585 million. The company cancelled a planned Series C funding round to focus capital-raising efforts on its public offering. Source: Reuters, mining-technology.com
Source: mining-technology.com