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Phoenix Tailings

MaterialsWoburn, Massachusetts, United StatesFounded 2019· One of 977 Materials companies tracked by AMPulse

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

https://phoenixtailings.com

Recent coverage of Phoenix Tailings

Why this company matters

Phoenix Tailings produces rare earth metals from mining waste (tailings) using a proprietary electrochemical molten salt process that claims zero toxic waste and zero direct carbon emissions. The company targets a gap in the Western supply chain: most rare earth refining occurs in China, and conventional solvent extraction generates hazardous byproducts. By processing tailings rather than virgin ore, Phoenix Tailings avoids the environmental footprint of traditional mining while producing metals at costs it says are competitive with Chinese refiners.

The company's core technology relies on a predictive complexation algorithm to identify clean chemical reaction pathways, enabling a vertically integrated process from tailings to finished metal. Key products include neodymium-praseodymium (NdPr), dysprosium (Dy), and terbium (Tb) metals and alloys, with expansion planned into samarium (Sm) and yttrium (Y). These materials are critical for permanent magnets used in EV motors, wind turbine generators, defense systems, and electronics.

Phoenix Tailings has scaled from a 40 metric ton per year facility in Burlington, Massachusetts to a 400 metric ton per year metallization plant in Exeter, New Hampshire, which it describes as the first U.S. domestic rare earth metallization facility independent of Chinese supply chains. In 2024, the company signed a $197 million sales agreement with an automotive magnet manufacturer. Total disclosed funding is $126.7 million from investors including BMW i Ventures, Yamaha Motor Ventures, Eni Next, and Traxys.

The company competes with MP Materials and Energy Fuels, which use conventional solvent extraction or primarily operate mining assets. Phoenix Tailings differentiates through its waste-to-metal vertical integration and clean electrochemical process. An open question is whether its cost structure can remain competitive at scale against China's established rare earth refining infrastructure, which benefits from decades of process optimization and lower environmental compliance costs.