Nth Cycle signed a $1.1 billion offtake agreement with Trafigura on March 16, 2026. The deal took place at the Trump Administration’s Indo-Pacific Energy Security Forum in Tokyo. Nth Cycle refines critical minerals like nickel and lithium from battery scrap. The company aims to build refining capacity in the U.S. and Europe. Leaders seek secure supply chains amid tensions with China.[1]

Trafigura will buy 2,000 tonnes of nickel in mixed hydroxide precipitate. It will also purchase 1,500 tonnes of lithium carbonate. These come from refining 12,000 tonnes of black mass. Black mass is recycled battery material. This marks the largest multi-metal deal of its kind.[1]

Megan O’Connor leads Nth Cycle as co-founder and CEO. She stresses the need for U.S. refining capacity. Indonesia and China control most nickel refining. Chinese firms hold 75% of Indonesia’s capacity. This gives China over half the global supply.[1]

Nth Cycle uses electrochemical technology. It refines nickel, cobalt, copper, and rare earths. The firm started production in Ohio a year ago. That site processes up to 3,100 metric tons of scrap. The deal quadruples output.[1]

Daniel von Arx heads battery metals at Trafigura. He praises Nth Cycle’s innovation. Trafigura offers global logistics. The partnership connects resources to customers. It boosts Western supply chain security.[1]

U.S. and Europe face nickel shortages. Permitting and waste issues hinder local refining. Batteries, missiles, electronics, and steel need nickel. Companies now recycle domestically. They avoid shipping scrap to China.[1]