WOBURN, Mass. – Phoenix Tailings, a U.S.-based rare earth metals production company, has expanded its Series B funding round from an initial $43 million to a substantial $76 million.
This influx of capital will fuel the company’s mission to establish a secure and sustainable domestic rare earth metal supply chain, critical for U.S. economic and national security.
The funding will support the expansion of their proven rare earth processing technology and the construction of a new facility in Exeter, New Hampshire.
The second close of the Series B round was led by Envisioning Partners but anchored by Escape Velocity, a venture vehicle founded by former Goldman Sachs executives Ganesh Ramani and Ram Sundaram. The round also included new investments from Builders Vision, Yamaha Motor Ventures, M Power, and Presidio, the venture arm of Sumitomo Corporation, among others. This diverse group of investors reflects the broad appeal of Phoenix Tailings’ vision, spanning sustainability, industrial innovation, and national security.
“We’re witnessing the consequences of relying on a geopolitical competitor for materials essential to our economy and national defense,” said Nick Myers, co-founder and CEO of Phoenix Tailings. “With this new funding, Phoenix Tailings is accelerating that vision—delivering critical metals without compromising on safety, environmental standards, or cost.”
Investors share their enthusiasm. Ram Sundaram, Co-Founder of Escape Velocity, stated, “At a time when geopolitics and national security make domestic capabilities more urgent than ever, we are proud to support Phoenix Tailings.” James Lindsay, Investment Director at Builders Vision, added, “Their innovative process for recovering and refining rare earth elements unlocks a vital supply chain for clean technologies – and sets a new standard for responsible resource management within the mining sector.”
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