Phoenix Tailings to refine rare earth metals in the US
The industry for processing rare earth metals is firmly in Asian hands. However, Phoenix Tailings is an example of an American initiative to build a supply chain in this area. The company closed a Series A financing round of $10 million in August 2021. The next capital injection will follow. Phoenix Tailings says it has raised 43 million dollars in a recently completed Series B financing round. The round was led by Envisioning Partners, with Yamaha, BMW, Escape Velocity and IQT among the other investors.
Phoenix Tailings has a facility in Burlington, Massachusetts, and is pursuing plans to build a production facility in Exeter, New Hampshire, which is expected to be operational by summer 2025 and produce 200 tonnes of rare earths annually. Part of the fresh capital will be channelled into this project, while Phoenix Tailings intends to spend the remaining funds on research, technology and business development. According to the startup, its refining process is associated “with little to no emissions.” Currently, rare earth metals are mainly processed using environmentally harmful solvents.
“As our reliance on advanced technology grows, so does our dependence on critical metals—particularly lesser-known materials like rare earth metals,” said Nick Myers, co-founder and CEO of Phoenix Tailings. “From automotive and defense to medical devices, rare earth metals are essential to modern manufacturing. At Phoenix Tailings, we are ensuring the United States can meet this surging demand through processes that are ethical, sustainable, and economically viable.”
The company says it employs 33 people and has signed supply contracts worth more than $100 million.
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