Phoenix Tailings, a leading U.S.-based rare earth metals refining company, has secured an additional $33 million in strategic funding, bringing its total Series B round to $76 million.
The oversubscribed funding round aims to scale domestic rare earth metal production and reduce reliance on foreign supply chains—particularly as China tightens export controls on critical materials.
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The second close of the Series B was led by Escape Velocity, a venture firm established by former Goldman Sachs executives Ganesh Ramani and Ram Sundaram, and welcomed new investments from:
- Builders Vision
- Yamaha Motor Ventures
- MPower Partners
- Presidio Ventures (venture arm of Sumitomo Corporation)
These investors join initial lead Envisioning Partners and a cohort of earlier supporters in backing Phoenix Tailings’ mission to establish a sustainable and geopolitically secure rare earth supply chain in the United States.
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Phoenix Tailings’ CEO and co-founder Nicholas Myers emphasized the urgency and opportunity of the moment, stating: “We’re witnessing the consequences of relying on a geopolitical competitor for materials essential to our economy and national defense. But this moment is also an opportunity. With this new funding, Phoenix Tailings is accelerating that vision—delivering critical metals without compromising on safety, environmental standards, or cost. The future of rare earths can and should be American-led.”
The funding will support the company’s continued growth and innovation in refining critical rare earth elements needed for clean energy, defense, and advanced technologies. Phoenix Tailings aims to play a pivotal role in securing the U.S.’s supply of these materials by redefining the metal production process with environmentally safe and economically viable solutions.
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