Phoenix Tailings, a Woburn, MA-based rare earth metals production company, has raised $40.2 million in a Series B-3 amplification funding round led by existing investors and select strategic partners, with $30.2M in equity led by Olive Tree Capital.
Phoenix Tailings’ Series A round was led by its main investor, along with $10 million in venture debt from Nomura.
The raise increased the total Series B funding to $116.6 million.
The round also brought in strategic partners, including Traxys, Eni Next, and Geodesic Alliance Fund.
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The company plans to use the funds to accelerate the development of a fully integrated, U.S.-based rare-earth production platform that can supply key materials for the energy, defense, and advanced manufacturing industries.
Traxys, a global commodities trading and logistics company with strong experience in critical minerals markets, joined the round as a strategic partner.
Nicholas Myers, Co-Founder and CEO of Phoenix Tailings, said the company chose to open a small additional funding round to a select group of partners at an important time in its growth. As it prepares to increase production to meet rising global demand significantly, the company is bringing in strong partners to accelerate execution and expand capacity. He added that this round strengthens Phoenix Tailings’ ability to supply the rare earth materials needed by the United States and its allies.
Clara Andreoletti, CEO of Eni Next, said critical metals are essential to the future of global energy, including electrification, advanced mobility, and next-generation infrastructure. She said Phoenix Tailings stands out in rare-earth production for its unique technology and clear plan to scale. She added that they are proud to support a team helping strengthen the critical minerals supply chain at an important time.
Tom Gillespie, Head of Geodesic Capital’s Alliance Fund, said the US–Japan alliance is key to global security, economic strength, and technology leadership. He noted that rare earths and other critical minerals are central to that partnership and Phoenix Tailings is building the capacity to secure these supply chains for both countries. By investing in Phoenix, they are supporting stronger cooperation between the US and Japan and helping create reliable, long term production and economic growth.
Nichola Eliovits, Founder and CEO of Olive Tree Capital, said she has seen Phoenix grow from an idea into one of the world’s leading rare earth producers. She said the leadership team built the company through strong technical expertise, consistent execution, and a clear goal of rebuilding industrial capacity in the United States. She added that this round brings in the right strategic partners to speed up growth and scale production to meet global demand.
About Phoenix Tailings
Founded in 2019 by CEO Nicholas Myers, Phoenix Tailings is a U.S.-based rare earth metals company building a stable, circular supply chain that turns tailings into finished metals. The company operates refining facilities in Massachusetts and New Hampshire and produces rare earth metals and alloys for customers worldwide. Phoenix has developed proprietary technology that allows it to process rare earth elements into final metals and alloys in a safe, cost-effective, and emissions-free way. Investors and strategic partners, including IQT, Builders Vision, Yamaha Motor Ventures, Techstars, Presidio Ventures of Sumitomo Corporation, Envisioning Partners, and others, back the company.
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