Bridge Green Upcycle and Hartree Partners signed an eight-year deal worth an estimated $500 million-plus for 10,000 tonnes a year of recycled lithium carbonate, backing US critical-minerals policy.
At a glance
- Bridge Green Upcycle and Hartree Partners signed an eight-year commercial agreement (renewable for a further seven) for recycled lithium carbonate, estimated at $500 million to $1 billion at current market prices.
- The deal covers roughly 10,000 metric tons a year of lithium carbonate across all grades produced at Bridge Green's battery-recycling facilities, with first shipments expected in 2028.
- Hartree is also making an equity investment in Bridge Green's bridge financing round, alongside taking exclusive marketing rights to the output.
- The agreement supports Project Vault, a proposed $12 billion public-private US Strategic Critical Minerals Reserve that has already named Hartree as a supplier.
What happened
Bridge Green Upcycle, a Binghamton, New York-based battery-recycling startup, and Hartree Partners, a global commodities merchant, announced on September 23, 2026 a commercial agreement for recycled lithium carbonate valued at an estimated $500 million to $1 billion over its initial eight-year term. Under the deal, Hartree will take exclusive marketing rights to roughly 10,000 metric tons a year of lithium carbonate produced across all grades at Bridge Green's facilities, with an option to extend the agreement a further seven years. Hartree is also making an equity investment in Bridge Green's ongoing bridge financing round to help fund the startup's planned expansion of battery-recycling and critical-mineral-refining capacity. First shipments under the agreement are expected in 2028.
The details
The deal is a bet on a specific bottleneck: the United States imports more than half of its lithium supply, and the metal is central to the electric-vehicle and grid-storage batteries the country wants to build domestically. Bridge Green's technology recovers high-grade black mass and precursor materials from end-of-life batteries rather than mining fresh spodumene or brine, which shortens the supply chain and sidesteps the years-long permitting timelines new lithium mines typically face. Hartree's role is to guarantee a buyer for that output at scale -- exclusive marketing rights to 10,000 tonnes a year is a meaningful commitment for a recycler still ramping toward full capacity, and it gives Bridge Green the kind of offtake certainty that usually makes it easier to raise the capital needed to build out processing lines.
The timing lines up with two separate policy moves. In February 2026, the US government proposed Project Vault, a $12 billion public-private Strategic Critical Minerals Reserve, and named Hartree as one of its suppliers -- this lithium carbonate agreement is effectively Hartree building out the physical supply base it needs to fulfil that role. Then in August, the Commerce Department's Bureau of Industry and Security imposed a one-year export ban on battery-recycling material, including black mass, requiring recyclers to allocate their monthly output to US-based buyers rather than exporting it. That rule directly raises the value of a long-term domestic offtake agreement like this one, since it narrows where US recyclers can legally sell their material in the first place.
None of this changes the near-term lithium market much -- the first shipments aren't due until 2028, and 10,000 tonnes a year is modest next to global lithium demand that runs into the hundreds of thousands of tonnes. Its significance is structural: a working example of how battery recycling, government procurement policy and commodity-trading capital are starting to link up around domestic lithium supply.
Why it matters
For India and other lithium-import-dependent countries, the deal is a preview of a template -- pairing a recycling technology company with a commodities trader that provides offtake certainty and capital -- that could be replicated domestically as India builds out its own battery-recycling capacity to reduce reliance on imported lithium chemicals.
Our read
Outlook: neutral. The deal is a structurally significant step for US domestic lithium supply chains but has no near-term effect on lithium prices -- first shipments are three years out and the volume involved is small relative to global lithium demand.
What to watch
- Progress on Bridge Green's facility buildout ahead of the 2028 first-shipment target.
- Whether the Commerce Department renews or expands its one-year black-mass export restriction after it lapses.
- Further developments on Project Vault, the proposed $12 billion Strategic Critical Minerals Reserve.
- Whether other commodity traders pursue similar offtake-plus-equity deals with battery-recycling startups.
For information only, not investment advice.
Lithium price in India
metalscost.com India reference price as of 2026-10-03.
Detailed analysis
Timeline
- 2023: Bridge Green Upcycle is founded in Binghamton, New York, by Balki Iyer.
- 2026-02: The US government proposes Project Vault, a $12 billion public-private Strategic Critical Minerals Reserve, and names Hartree Partners as a supplier.
- 2026-08-27: The US Commerce Department's Bureau of Industry and Security enacts a one-year export ban on battery-recycling material including black mass.
- 2026-09-23: Bridge Green and Hartree announce a $500 million-plus, eight-year lithium carbonate agreement.
- 2028: First shipments of lithium carbonate under the agreement are expected.
Supply Drivers
Bridge Green's technology recovers lithium carbonate from end-of-life battery black mass rather than newly mined ore, a supply route that can scale faster than opening new mines but currently represents a small fraction of total lithium supply; the agreement's 10,000-tonne annual volume, once ramped up by 2028, would still be modest next to global lithium demand.
Government Policies
The deal follows the US Commerce Department's August 2026 one-year export ban on battery-recycling material such as black mass, which requires recyclers to allocate monthly volumes to US-based counterparties -- a rule that directly raises the value of a long-term domestic offtake agreement like this one. It also supports Project Vault, the proposed $12 billion public-private Strategic Critical Minerals Reserve that named Hartree as a supplier in February 2026.
What could lift prices
- The agreement gives Bridge Green firm offtake and equity capital, the kind of certainty that typically makes it easier to finance the buildout of additional recycling capacity.
- US policy is actively tightening around domestic battery-material supply, from the August export restrictions to Project Vault's proposed reserve, both of which raise the strategic value of agreements like this one.
What could weigh on prices
- First shipments are not due until 2028, and the 10,000-tonne annual volume is small next to global lithium demand, so the deal has no near-term effect on lithium prices or availability.
- Battery recycling still supplies only a small fraction of global lithium relative to mined spodumene and brine, and scaling black-mass processing to this volume carries execution risk for a company founded only in 2023.
Country impact
| Country | Impact | Reason |
|---|---|---|
| United States | High | The deal directly targets the US's import dependence on lithium and supports two domestic critical-minerals policy initiatives. |
Industry impact
| Industry | Effect | Reason |
|---|---|---|
| Battery Recycling | Positive | The deal provides Bridge Green with guaranteed offtake and equity capital to expand its recycling capacity. |
| Electric Vehicle Manufacturing | Positive | A larger domestic recycled-lithium supply, once ramped up, would give US battery and EV makers an additional domestic source of lithium carbonate beyond imports. |
Who gains, who loses
- Bridge Green Upcycle and its investors: The deal provides guaranteed offtake and an equity investment that supports the company's planned expansion.
- US critical-minerals policy goals: The agreement adds a concrete domestic supply source that supports Project Vault and the broader push to reduce lithium import dependence.
- Traditional lithium miners and brine producers competing for the same domestic offtake relationships: A growing recycled-lithium supply chain, backed by long-term commodity-trader offtake deals, is an emerging alternative source of domestic lithium that could compete for the same downstream battery-maker customers over time.
Other ways this could play out
- If Bridge Green's ramp-up falls behind schedule, the 2028 first-shipment target could slip, delaying the deal's contribution to US domestic lithium supply.
- A change in the Commerce Department's export restrictions, if the one-year ban is not renewed, could reduce the regulatory tailwind currently supporting domestic offtake agreements like this one.
- If Project Vault's reserve proposal doesn't advance further, Hartree's broader critical-minerals strategy, of which this deal is one piece, could look less central to US policy than it does today.
Price risks
- Execution risk at a company founded in 2023 could delay the ramp-up needed to hit the 10,000-tonne annual volume.
- A reversal of current US critical-minerals policy support, including the export restriction on battery-recycling material, could reduce the strategic premium attached to domestic offtake deals like this one.
Technical view
Price is trading below both its 20-period and 50-period moving averages, a bearish alignment.
Computed from metalscost.com's own stored price history.
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