Nth Cycle Signs $1 Billion Glencore Battery Recycling Deal

Nth Cycle and Glencore signed a 10-year offtake valued at more than $1 billion on 22 September 2026. Glencore will supply about 24,000 metric tons of black mass a year from U.S. shredding operations. Nth Cycle will return lithium carbonate and nickel-rich mixed hydroxide product, priced on Q2 2026 metals figures. The pact is Nth Cycle's second billion-scale offtake in 2026 after a March Trafigura deal estimated at $1.1 billion. In August the DOE selected Nth Cycle for up to $100 million in award talks. In July it announced a SPAC merger with Kensington Capital Acquisition Corp. VI at a $585 million valuation after dropping a Series C. Megan O'Connor said going public was exactly what Nth Cycle needed and that she would be surprised to meet a company not weighing several financing options at once. mining.com calls the pact a binding term sheet with definitive deals targeted by end-2026 and sites Project SHIELD in South Carolina. mining.com.au and mezha.net report a signed agreement at Glencore's New York office and say the firm now seeks a larger Southeast U.S. site, with operations by 2029. Jyothish George said supplying black mass and taking refined product to market helps close the loop for Glencore's U.S. customers.