U.S. Department of Energy Selects Nth Cycle to Enter Award Negotiations for up to $100 Million to Build New Critical Mineral Refining Facility

• Grant will support development and construction of new battery materials refining facility in the Southeast US to process up to 24,000 metric tons of domestic black mass annually.
  
• Named Project SHIELD, the new facility will produce high-purity nickel MHP and battery grade lithium carbonate to supply industrial inputs for the country’s most strategic industries, including defense and AI.
  
• Operations will provide commercial scale refining capacity supporting public and private sector demand, including the recent federal black mass export ban and $1.1b binding off-take term sheet with Trafigura.
  
• Nth Cycle’s proprietary electroextraction platform and OYSTER system are designed to bypass the expense, delays, and waste that have stalled domestic refining, offering a cheaper, faster, and cleaner alternative.
  

BURLINGTON, Mass., Aug. 20, 2026 (GLOBE NEWSWIRE) -- Nth Cycle, a pure play critical minerals refining company, has been selected by the U.S. Department of Energy (DOE) to enter into award negotiations for up to $100 million to develop and construct a commercial-scale black mass refining facility, which will be built in the Southeast US. The selection was made by DOE’s Office of Critical Minerals and Energy Innovation (CMEI), Manufacturing Deployment Office (MDO) under the Battery Materials Processing and Battery Manufacturing & Recycling grant program, funded to expand U.S. critical mineral processing and domestic battery manufacturing capacity.

The new facility, designated Project SHIELD (Strategic Hub for Industrial Electroextraction & Logistics Defense), will strengthen domestic supply chains supported by federal initiatives and industry demand. Using the company's proprietary electroextraction platform and OYSTER system, it will refine up to 24,000 metric tons of domestic black mass annually, converting it into high-purity nickel mixed hydroxide precipitate (MHP) and battery grade lithium carbonate for military systems, AI data centers, electric grid storage, and transportation.

“Domestic refining capacity is the difference between critical mineral access and critical mineral security,” said Megan O’Connor, Co-Founder and CEO of Nth Cycle. “The Trump Administration has recognized that keeping recoverable critical minerals in the United States is a matter of national security. But without refining capacity, those resources can’t be used for new manufacturing. Being selected by the DOE to fill this gap validates the role we play to onshore one of the most consequential supply chains of our time.”

First Commercial Scale Black Mass Refinery in United States Aligned with Export Ban

The need for Project SHIELD has taken on added urgency following recent government actions. On July 30, 2026, President Trump issued a determination identifying recoverable critical minerals as strategic assets essential to national security. The Department of Commerce issued a subsequent one-year export ban on black mass - the material created from shredding spent lithium-ion batteries. With insufficient domestic refining capacity to match the country’s growing supply, China has held a near-monopoly on its processing.

Together, the administration’s policies, the DOE grant, and Nth Cycle’s new facility address that bottleneck: establishing one of the first U.S. commercial-scale black mass refineries ensures these recycled materials - and the refining to make them usable - stay in America.

Grant Backs Nth Cycle’s Commercial Agreements, Expands Operations

The DOE grant and Project SHIELD will also support the company’s private sector momentum, including a binding 10-year offtake term sheet with Trafigura valued at approximately $1.1 billion. Under the term sheet, Trafigura will purchase 2,000 metric tons of nickel contained in MHP and 1,500 metric tons of battery grade lithium carbonate from Nth Cycle.

The new Southeast facility expands the company’s existing operations. Its first facility in Fairfield, Ohio, began operations in 2024, was deployed in less than 18 months, and became one of the country’s first commercial-scale sources of high purity nickel MHP produced from scrap. To date, it’s completed 3,400 production hours with 99% recovery and 98% MHP purity rates.

The Southeastern location will establish strategic port access and proximity to one of North America’s fastest-growing energy and advanced-manufacturing corridors. It’s expected to create approximately 800-1,000 construction related jobs and 54 permanent jobs from commissioning, ramp-up, and ongoing operations.

Scalable, Accelerated Deployment

Project SHIELD is expected to become operational as early as 2029. The schedule is enabled by Nth Cycle’s proprietary electro-extraction platform and modular OYSTER system. While traditional refineries assume high capital intensity, permitting delays, and full capacity to operate profitably, the OYSTER is designed to be installed in existing industrial buildings, including permitting, in as little as two years, be capable of being deployed with more than 70% lower capital intensity than incumbent refining technologies and operate profitably at approximately one-tenth the scale.

The DOE selection is subject to award negotiations, including DOE review and approval of project plans, milestones and other terms. The selection is not a commitment by DOE to issue an award, and final funding amounts may differ.

About Nth Cycle

Nth Cycle is a critical minerals midstream refining company building the technology and infrastructure needed for Western supply chains. The company addresses the structural bottleneck of foreign dependence to process domestic critical mineral resources with its modular OYSTER system and proprietary electroextraction platform. Combined, they dramatically lower capital intensity, deployment time and emissions to convert industrial scrap, black mass, primary and waste feeds into intermediate and refined products within the battery materials, copper and rare earth value chains. These advancements enable the domestic production and allied partnerships vital to industrial competitiveness, economic growth, and national security.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain statements that are not historical facts but may be considered “forward-looking statements” within the meaning of Section 27(a) of the Securities Act of 1933 and Section 21(e) of the Securities Exchange Act of 1934. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding benefits of the award from the DOE and the timing and benefits of the proposed facility.

These statements are based on the current expectations of Nth Cycle and are not predictions of actual performance. These forward-looking statements are not intended to serve as, and must not be relied on, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Nth Cycle. While Nth Cycle may elect to update these forward-looking statements in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Nth Cycle’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or results of such forward-looking statements will be achieved.

MEDIA CONTACT:
James McCusker
Alpha Advisory Group
NTH@alpha-ir.com