Inside a $1.1B deal to reshore critical minerals refining

The U.S. and Europe face significant challenges in nickel mining and refining, critical for batteries, electronics, and defense, due to permitting and environmental concerns. Currently, Indonesia and China dominate nickel refining, with Chinese companies controlling about 75% of Indonesia’s refining capacity, effectively controlling over half the global supply. This geopolitical dependence has prompted companies to explore domestic refining solutions. One such company, Nth Cycle, has developed a modular electrochemical system to refine nickel and other critical minerals from scrap and waste sources. After starting production in Ohio with a capacity of 3,100 metric tons, Nth Cycle secured a $1.1 billion deal with commodity trader Trafigura to quadruple its output, signaling a shift toward reshoring critical mineral refining and recycling. Nth Cycle’s technology contrasts with traditional large-scale refineries by being smaller, less capital-intensive, and scalable, allowing profitable operation at lower volumes (as low as 6,000 metric tons per year). This modular approach is particularly suited