Phoenix Tailings, a Woburn, MA-based uncommon earth metals refining firm, raised a further $33m in Collection B funding.
The second shut was anchored by Escape Velocity, a enterprise car based by former Goldman Sachs executives Ganesh Ramani and Ram Sundaram, together with new investments from Builders Imaginative and prescient, Yamaha Motor Ventures, M Energy, and Presidio, the enterprise arm of Sumitomo Company, amongst a number of different key buyers.
The funding introduced the quantity raised in Collection B, led by Envisioning Companions, to $76m.
Led by Nick Myers, co-founder and CEO, Phoenix Tailings is a U.S.-based uncommon earth metals manufacturing firm, presently working a home refining facility in Massachusetts and transport ultimate steel merchandise globally. The corporate has developed progressive know-how that permits the financial and secure processing of uncommon earth parts into ultimate metals and steel alloys. Phoenix is presently working a 40-ton-per-year business facility and is developing a brand new business facility in New Hampshire to scale the manufacturing of ultimate metals and steel alloys. At current, Phoenix Tailings sources uncommon earth concentrates from home and allied producers. In the long run, the corporate goals to get well uncommon earths from mining waste, or tailings, as a part of its dedication to constructing a very steady and round provide chain.
the corporate intends to make use of the funds to broaden its confirmed uncommon earth processing know-how, which integrates each separation and metallization to remodel U.S. and allied uncooked supplies into completed uncommon earth metals domestically. The brand new Exeter, New Hampshire facility can have a complete capability of 500 tons per yr of uncommon earth steel output, equal to all the annual demand of the U.S. protection industrial base. Preliminary manufacturing will start in summer time 2025 with 200 tons per yr.
Exeter will probably be a standalone uncommon earth refining operation able to accepting feedstocks from mines, recycled merchandise, coal fly ash, and different byproducts, processing them into completed metals. These metals will probably be offered to home and allied magnet producers supplying important elements to the protection, medical gadget, and automotive sectors.
Phoenix Tailings will initially produce neodymium-praseodymium, ferro-dysprosium, dysprosium, and terbium on the Exeter facility. These uncommon earth metals are important for manufacturing everlasting magnets utilized in applied sciences starting from electrical automobiles and MRI machines to transformers and jet engines.
FinSMEs
01/05/2025
