Nth Cycle Announces Landmark $1.1 Billion Offtake Agreement with Trafigura, Expands Operations in U.S. and Europe
Agreement represents largest multi-metal offtake agreement between a recycled
black mass supplier and critical mineral refiner, signed at Trump Administration's inaugural Indo-Pacific Energy Security Forum in Tokyo
BURLINGTON, Mass., March 16, 2026 /PRNewswire/ -- Nth Cycle, the revolutionary critical metals refining company, has signed a binding 10-year agreement with Trafigura, a market leader in the global commodities industry, valued at approximately $1.1 billion USD.
The agreement was signed as the Trump Administration hosted government and business leaders in Tokyo to discuss energy security at the first Indo-Pacific Energy Security Ministerial and Business Forum.
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.
Building on its successful 2024 commercialization in Fairfield, Ohio, Nth Cycle plans to establish new operations in South Carolina and the Netherlands to support production, installing its breakthrough Oyster system in existing facilities in both regions. Site selection will be completed this year, with operations beginning in 2028.
The speed and projected output reinforce Nth Cycle's first-mover advantage in local refining, underscoring its unmatched benefits over large, centralized facilities to capture market share created by growing demand and new policies in the United States and the European Union.
De-Risked Critical Mineral Refining
Nth Cycle breaks the scale constraints that continue to derail domestic refining and drive import reliance. Traditional metal refineries assume the risk of large, fixed volumes, lengthy permitting timelines, and require billions in upfront investment and full capacity utilization to operate profitably. In comparison, the Oyster's modular, compact design deploys virtually anywhere, reduces build time from five or more years to under two, capital intensity by up to 70%, and produces competitive margins at 5-10x smaller scale.
"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," said Megan O'Connor, co-founder and CEO of Nth Cycle.
"We are delighted to be working with Nth Cycle to strengthen and diversify critical minerals supply chains. 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," said Daniel von Arx, global head of battery metals at Trafigura.
South Carolina: Project SHIELD
Designated as Project SHIELD (Strategic Hub for Industrial Electro-Extraction & Logistics Defense), Nth Cycle's new Southeast operations will strengthen domestic supply chains supported by U.S. federal initiatives and multiple industries, including grid storage, AI data centers, defense systems and transportation applications. The location benefits from strategic port access and proximity to one of North America's fastest-growing energy corridors.
The Netherlands
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 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.
About Nth Cycle
Nth Cycle is a critical minerals midstream refining company building the technology and infrastructure needed for Western supply chains. The company addresses the market's structural bottleneck: feedstock volumes do not align with the scale and economics of large, traditional refineries. Nth Cycle solves this constraint with a modular system, dramatically lowering capital intensity, deployment time and emissions to convert industrial scrap, black mass and primary feeds into intermediate and refined products within the nickel, cobalt, copper and rare earth value chains. These advancements enable the domestic production and allied partnerships vital to industrial competitiveness, national security and supply chain resilience.
About Trafigura
Trafigura is a leading commodities group, owned by its employees and founded over 30 years ago. At the heart of global supply, Trafigura connects vital resources to power and build the world. We deploy infrastructure, market expertise and our worldwide logistics network to move oil and petroleum products, metals and minerals, gas and power from where they are produced to where they are needed, forming strong relationships that make supply chains more efficient, secure and sustainable. We invest in renewable energy projects and technologies to facilitate the transition to a low-carbon economy, including through MorGen Energy and joint venture Nala Renewables.
The Trafigura Group also comprises industrial assets and operating businesses including multi-metals producer Nyrstar, fuel storage and distribution company Puma Energy, the Impala Terminals joint venture and Greenergy, supplier and distributor of transportation fuels and biofuels. The Group employs approximately 14,500 people, of which over 1,400 are shareholders, and operates in over 150 countries. Visit: www.trafigura.com
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SOURCE Nth Cycle
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