Ohio’s diversifying economy includes a new addition that can help tackle challenges ranging from environmental concerns to avoiding dependence on foreign companies.

Nth Cycle in Fairfield will extract nickel and cobalt from scrap material to reduce reliance on open pit mining, avoid those same materials being dumped in landfills and avoid having to send the materials overseas.

We are dependent on materials such as nickel and cobalt because of our use of lithium ion batteries. Nth Cycle builds systems that yield nickel and cobalt from a form of shredded lithium ion batteries and nickel scrap from electric vehicles and consumer electronics.

“We have no refining capacity in the U.S. at all for these types of materials,” Megan O’Connor, CEO of Nth Cycle, told the Associated Press. “We will be the first commercial cobalt nickel refinery in the U.S., which we’re very excited about.”

For now, the only domestic source of nickel is the Eagle Mine in Michigan. If Nth Cycle’s technology proves a success it could be a major shift for the industry. That is good news on many fronts — including the expansion of the Buckeye State’s economy to include an innovative employer.

Buckeye State residents will be rooting for Nth Cycle, and eagerly awaiting what comes next.