The brief

Analyst view

• OYSTER recovers Ni, Co from battery black mass by electrolysis, cheaper and cleaner than smelting.
• Trafigura offtake agreement validates market demand for recovered metals.
• Ohio facility commissioning fall 2026; SPAC merger expected Q4 2026.

Technical approach

As reported

Electrochemistry

OYSTER electrochemical process

Electrolysis recovers pure metals from dissolved black mass, avoiding high-temperature smelting and fugitive emissions.

Scalability

Modular site placement

Electrochemical reactors can be sited near recycling hubs, reducing transport of heavy black mass and enabling staged growth.

Integration

Post-mechanical-recycling step

OYSTER processes black mass after mechanical separation, fitting into existing recycler workflows.