Phoenix Tailings
U.S.-based rare earth metals production company refining critical minerals from mining waste using clean electrochemical technology
- CEO / Founder
- Nick Myers (Nicholas Myers)
- Team Size
- 51-200
- Stage
- Growth Stage
- Total Funding
- $126.7M
- Latest Round
- Series B
- Key Investors
- Olive Tree Capital; Envisioning Partners; BMW i Ventures; Yamaha Motor Ventures; Presidio Ventures (Sumitomo Corporation); Builders Vision; IQT; Aether VC; MPower Partners; Traxys; Eni Next; Geodesic Alliance Fund; Nomura (venture debt); Techstars; Toba Capital
Technology & Products
Key Products
Neodymium-Praseodymium (NdPr), Dysprosium (Dy), Terbium (Tb) metals and alloys; expanding to Samarium (Sm), Yttrium (Y), and other critical rare earth metals; rare earth refining services from tailings to finished metal
Technological Advantage
Proprietary predictive complexation algorithm-based approach to identify clean chemical reaction pathways; electrochemical molten salt process that avoids toxic byproducts; vertically integrated from tailings to finished metal; facilities fully independent of Chinese supply chain
Differentiation
Value Proposition
Domestic, clean, and cost-competitive refining of rare earth metals from mining waste (tailings) using a proprietary zero-waste, zero-emissions electrochemical process
How They Differentiate
Uses proprietary clean electrochemical process with zero toxic waste and zero emissions, processing mining waste (tailings) rather than virgin ore, and is fully vertically integrated from waste to finished metal, unlike competitors using conventional solvent extraction or primarily mining operations
Market & Competition
Target Customers
Automotive OEMs (EV magnet manufacturers), defense contractors, wind energy companies, electronics manufacturers, and other industrial consumers of rare earth metals
Industry Verticals
Automotive (EVs), Defense/Aerospace, Renewable Energy (wind turbines), Electronics, Advanced Manufacturing
Competitors
MP Materials; Energy Fuels (via its rare earth processing); USA Rare Earth
Growth & Milestones
Growth Metrics
Scaled from 40 metric tons/year (Burlington, MA facility) to 400 metric tons/year (Exeter, NH facility); signed $197M+ sales agreement with automotive magnet manufacturer in 2024
Major Milestones
2019: Founded in Cambridge backyard; won UConn Wolff New Venture Competition; 2020: Techstars Boston accelerator; 2023: Opened world's first sustainable critical metals refinery in Burlington, MA; 2024: Signed $197M+ sales agreement; 2025: Raised $76M Series B; opened Exeter, NH metallization facility (first U.S. domestic rare earth metallization facility independent of China); 2026: Raised additional $40.2M B-3 amplification round; acquired Machinery Partner for AI/digital capabilities
Notable Customers
Major automotive OEMs (via magnet manufacturers); U.S. defense contractors