Sphere Corp., a South Korean manufacturer of premium alloys and precision materials for the global aerospace industry, has entered into a strategic partnership to acquire a 10% interest in the ENC HPAL Project at a US$2.4 billion valuation, with funding expected to be completed in early Q1 2026.
Sphere is a key global supplier of special alloys to SpaceX and recently announced a 10-year supply contract worth approximately US$1 billion to provide high-performance nickel and superalloys for rocket components.
Under the transaction, Sphere will offtake its 10% share of nickel production as cathode and has also entered into an offtake agreement at market prices for additional volumes beyond its ownership interest.
The qualification of ENC nickel cathode through Sphere is expected to open potential new supply opportunities in the North American aeronautical and aerospace markets.
Nickel Industries' (ASX:NIC) shareholding in ENC remains unchanged following the transaction, which will be implemented through a reduction in Decent Resource’s interest.
Commenting on the partnership, Managing Director Justin Werner said the investment by Sphere underscores the quality, traceability, and sustainability of ENC’s nickel cathode, positioning the project as a potential global benchmark low-cost producer of high-quality nickel.
He added that the transaction represents ENC's first offtake agreement into Western markets, particularly the fast-growing aerospace and aeronautical sectors, which demand the highest product standards and are forecast to grow at around 8% CAGR to 2030.