What does Phoenix Tailings do?
Phoenix Tailings is a rare earth metals refining company based in Woburn, MA. The firm develops innovative technology to safely and economically process rare earth elements into finished metals and alloys, operating a commercial facility in Massachusetts and sourcing rare earth concentrates from domestic and allied producers.
How much did they raise?
The company raised an additional $33M in Series B funding, bringing the total for the round to $76M. The round was led by Envisioning Partners, with key contributions from lead investor Escape Velocity and participants including Builders Vision, Yamaha Motor Ventures, M Power, and Presidio.
What are their plans for the money?
The funds will be used to expand Phoenix Tailings' proven rare earth processing technology by constructing a new facility in Exeter, New Hampshire. This facility is planned to have a total capacity of 500 tons per year, with initial production of 200 tons per year starting in summer 2025, aiming to meet the entire annual demand of the U.S. defense industrial base.
What have they achieved so far?
Phoenix Tailings is already operating a 40-ton-per-year commercial facility in Massachusetts and has successfully developed a technology that integrates both separation and metallization, setting a strong foundation for scaling up its operations.
