Battery Black Mass Recycling Market: Nth Cycle Secures Feedstock and Offtake for a Planned 24,000-Tonne Refinery

A new U.S. black mass refining project has secured a planned commercial pathway from battery waste to refined materials. On September 22, 2026, Nth Cycle announced a binding term sheet with Glencore covering all projected black mass supply for its planned Project SHIELD facility and offtake for its nickel mixed hydroxide precipitate and battery-grade lithium carbonate. The agreement has an estimated 10-year value exceeding US$1 billion, based on forecast pricing from the second quarter of 2026. Nth Cycle's proposed Southeast U.S. refinery is designed to process up to 24,000 metric tonnes of black mass annually. Definitive agreements are targeted by year-end 2026; the facility remains in development.

According to DataM Intelligence, the battery black mass recycling market was valued at US$16.8 billion in 2025 and is forecast to reach US$80.8 billion by 2035, growing at a 16.98% CAGR from 2026 to 2035. Asia-Pacific accounted for 48.9% of the market in 2025, while North America is forecast to grow fastest. Electric vehicles were the largest battery source segment, with a 58.23% share in 2025.

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Feedstock Security Meets Refining Capacity

The Nth Cycle-Glencore arrangement links a planned refinery to both incoming material and buyers for its outputs. DOE selected Nth Cycle in August to enter negotiations for up to US$100 million in funding for Project SHIELD. The proposed facility is intended to refine domestic black mass into battery materials, with operations targeted as early as 2029. DOE's selection remains subject to award negotiations and final approval.

The agreement also reflects a broader shift in recycling economics: black mass is becoming a supply-chain input whose value depends on reliable feedstock, chemistry-specific processing and access to downstream refiners or battery-material manufacturers. As the proportion of lithium iron phosphate batteries rises, recyclers face pressure to recover lithium efficiently from material with less nickel and cobalt value. The DataM report identifies direct, pyrometallurgical and hydrometallurgical recycling as the main process routes.

Recent Developments

- September 22, 2026: Nth Cycle and Glencore signed a binding term sheet for black mass supply and refined-material offtake for Project SHIELD, with an estimated 10-year value exceeding US$1 billion.

- August 20, 2026: DOE selected Nth Cycle to enter negotiations for up to US$100 million for a proposed refinery designed to process up to 24,000 metric tonnes of black mass annually.

- April 14, 2026: Fortum said a new permit allows its Kirchardt, Germany facility to handle up to 25 tonnes of end-of-life lithium-ion batteries per day, up from 10 tonnes. The site prepares batteries for processing, while Fortum's Harjavalta facility refines black mass.

- March 25, 2026: Fortum signed a grant agreement of up to €40 million for its planned NEXT HYDROMET expansion in Finland, which is intended to recover critical metals from end-of-life EV and industrial batteries.

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Market Segmentation

The market is segmented by recycling process, recovered material, battery type, battery source and region. Process routes include direct, pyrometallurgical and hydrometallurgical recycling. Recovered materials include lithium, nickel, cobalt, manganese, copper and graphite. Battery sources include EVs, consumer electronics, energy storage systems, power tools and industrial batteries. The prominence of EV batteries reflects their market-leading share, while manufacturing scrap and other sources also supply recyclers.

Company Profiles

Nth Cycle:
Nth Cycle develops black mass refining capacity using its electroextraction technology and modular OYSTER system. Project SHIELD is planned as a Southeast U.S. facility producing nickel mixed hydroxide precipitate and battery-grade lithium carbonate from domestic black mass. Its Glencore term sheet covers projected feedstock and offtake needs.

Fortum Battery Recycling:
Fortum links battery collection and dismantling at Kirchardt, Germany, with black mass refining at Harjavalta, Finland. Its planned NEXT HYDROMET project would expand hydrometallurgical processing and recover metals from end-of-life EV and industrial batteries.

Umicore:
Umicore's pyro-hydro process combines thermal and hydrometallurgical treatment to recover nickel, cobalt, copper and lithium from batteries and production scrap. The company reports recovery rates above 95% for nickel, cobalt and copper, and above 90% for lithium.

Ascend Elements:
Ascend Elements uses its Hydro-to-Cathode process to convert recycled battery materials into cathode precursors. The company has reported commercial-scale lithium carbonate recovery from black mass and is developing downstream capacity to turn recycled feedstock into battery materials.

The market's expansion depends on more than announced processing capacity. Contracts that secure feedstock and offtake can reduce project uncertainty, while consistent black mass composition, battery chemistry and recovered-material quality remain central to refinery performance.

Asia-Pacific's established battery ecosystem supports its current market lead. North America's faster projected growth reflects new domestic investments in recycling and critical-material processing, including DOE-supported projects. Together, these developments are strengthening the role of recycling in regional battery-material supply chains.

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