GoKawiilThe U.S. and Europe have a nickel problem. The critical mineral is used in everything from batteries and missiles to electronics and steel. And yet, the two regions have struggled to mine and refine it largely due to permitting issues and waste concerns.
Indonesia and China dominate the refining process. Dig a little deeper, though, and it’s apparent that Chinese companies control around 75% of the nickel refining capacity in Indonesia, too, giving the country control of more than half the world’s supply.
As relations with China have soured, “a lot of companies are starting to really look at how do we how do we start to refine here in the U.S.?” Megan O’Connor, co-founder and CEO of Nth Cycle, told TechCrunch.
O’Connor’s startup has been developing an electrochemical system to refine nickel and other critical minerals, including cobalt, copper, and rare earths. Just over a year ago, the company started production at a facility in Ohio that can process up to 3,100 metric tons of scrap. Now, Nth Cycle has a $1.1 billion agreement with commodity trader Trafigura to quadruple that amount.
The new deal signals a shift in how companies are evaluating their metal supply chains — and how technology can change them.
Today, it’s not just metal refining that happens overseas, but recycling, too. As batteries reach their end of life, they’re shipped elsewhere for processing. “These are really valuable resources that we’re currently mostly shipping to China. You don’t necessarily want to be giving up that value material and then having to buy it back,” O’Connor said.
O’Connor hasn’t come to this realization alone. Another company, Westwin Elements, operates a small refinery in Oklahoma and is trying to expand with a new facility in Georgia, though it has run into opposition there.
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