Inside a $1.1B deal to reshore critical minerals refining

Nth Cycle, a startup developing electrochemical refining technology, has secured a $1.1 billion deal with commodity trader Trafigura to quadruple its nickel and critical minerals processing capacity at its Ohio facility. The deal reflects growing urgency to reshore mineral refining away from China, which controls over 75% of Indonesia's nickel refining and more than half the global supply. The company's modular electric system processes battery black mass and industrial scrap as a lower-cost alternative to traditional centralized refining.