Nth Cycle has signed a binding term sheet with Glencore Ltd. representing a $1 billion offtake arrangement for lithium and other critical minerals recovered from recycled batteries. The agreement supports Project SHIELD, Nth Cycle’s planned battery materials refining facility, with Glencore providing black mass through its commercial network and operational U.S. shredding assets and taking Nth Cycle’s high-purity mixed hydroxide product and battery-grade lithium carbonate. The companies are also assessing an existing Glencore site in the United States and exploring deployments of Nth Cycle’s OYSTER system in Europe and globally. The deal was signed at Glencore’s New York offices on Tuesday during the United Nations General Assembly and comes ahead of Nth Cycle’s planned public listing later this year. Nth Cycle previously said its binding term sheets covered 100% of Project SHIELD’s projected feedstock and offtake needs, with definitive agreements targeted by the end of 2026.