Nth Cycle, a U.S.-based metals refining company, has entered into a $1 billion offtake agreement with Glencore to supply lithium and other critical minerals recovered from recycled batteries, according to Reuters.
The ten-year contract, announced at Glencore’s New York offices, represents one of the largest supply agreements to date in the U.S. battery recycling sector.
Under the terms of the agreement, Glencore will supply Nth Cycle with approximately 24,000 tonnes per annum (tpa) of shredded battery materials, commonly referred to as black mass.
Nth Cycle will process this material using its proprietary electrochemical extraction technology to produce lithium carbonate and a nickel-rich mixed hydroxide product, which will be supplied back to Glencore over the next ten years.
The actual volumes delivered will depend on the specific mineral content of the black mass received.
The financial value of the contract is calculated based on prevailing metal prices as of the second quarter of 2026.
Megan O’Connor, CEO of Nth Cycle, described the partnership as a true strategic alliance that significantly accelerates the critical minerals market within the United States.
Glencore stated that the agreement aligns with its strategic goal of closing the loop in the supply chain of critical minerals for its U.S. customers.
Last month, Nth Cycle secured a $100 million grant from the U.S. Department of Energy, which will support the development of a commercial refining facility in the southeastern United States.
Operations at the new, expanded facility are expected to begin by 2029, with the specific location to be announced later this year.
This agreement follows Nth Cycle’s recent announcement of its plans to go public via a merger with Kensington Capital Acquisition, which values the company at $585 million.
The company has cancelled its planned Series C funding round and is instead focusing on raising capital through its public offering.
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