WOBURN, MA — Phoenix Tailings has successfully raised a strategic financing round from world-class industrial clean energy investors. The company is scaling up its proprietary technology to extract and refine critical metals such as rare earth metals while cleaning up legacy mining waste.

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These new investments will assist with Phoenix Tailings’ ongoing expansion. The company is currently commercially producing Neodymium,  dysprosium, and Terbium. They plan to expand to battery group metals as well as increase their domestic production capacity to better meet the surging demand for critical minerals.

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“We are demonstrating to the world that it is possible to create critical materials without compromising our environmental or public health standards. ” said Nick Myers, Phoenix Tailings CEO and co-founder.

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Phoenix Tailings is proud to welcome new world-class partners, including: Presidio Ventures, the VC arm of Japan’s Sumitomo Corporation; EIC Rose Rock, the energy tech seed fund of Energy Innovation Capital; and Envisioning Partners, a leading Seoul-based impact VC fund.

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“Unprecedented demand for electrification and clean energy requires a drastic increase in global capacity to produce critical materials,” said Ross Leav, Senior Vice President at Presidio Ventures.  “Phoenix Tailings’ all-star team of scientists has produced a continuous stream of innovation that puts the company far ahead of anyone else working on this challenge.”

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“Decarbonization of mining and metals production is becoming increasingly crucial for energy transition and decarbonization of manufacturing.” Said Hyunjoo Je, managing partner of Envisioning Partners. “Phoenix Tailings can sustainably unlock the key rare earth metals needed to  create wind turbines, electric vehicles, and electronics.”

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“Phoenix Tailings fills a vitally important gap in the rare earth metal production value chain.  Phoenix Tailings’ non-hazardous process to refine rare earth metals from mining tailings is both economically viable and the only available process that meets US EHS requirements,” said Andrew Lackner, Managing Director of Energy Innovation Capital.

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“Phoenix Tailings makes rare earth metal production possible in the United States.”  

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About Presidio Ventures & Sumitomo Corporation

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Presidio Ventures is the VC arm of Sumitomo Corporation, a leading Fortune 500 global diversified trading and business investment company with 129 locations (Japan:20, Overseas:109) in 66 countries and regions.

As an investor and a partner, Presidio Ventures assists early-stage technology, internet, mobile, media and cleantech  companies looking towards global markets, like Japan and Asia, to grow their business and maintain their competitive edge. Presidio leverages its technological expertise, international business development experience, and a cross-industry network to identify overseas partners for its portfolio companies and provides financial resources necessary to take advantage of growth opportunities. Presidio Ventures is a subsidiary of Sumitomo Corporation and has offices in Silicon Valley, Boston and LA.

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About Envisioning Partners

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Envisioning Partners is a leading impact investing venture capital firm based in Seoul, Korea. Envisioning Partners invests in innovative startups, ranging from Pre-Series A to Series B, in four key impact domains – (1) climate change, (2) health and wellness, (3) education, and (4) the future of work. As of July 2023, Envisioning Partners has a portfolio of 43 companies in Korea, US, and Singapore. Its portfolio companies include Mango Materials, an advanced biodegradable biopolymer manufacturer; Novoloop, a unique plastic-upcycling solution company;  Circ, a textile-to-textile recycling solution company; Dimensional Energy, a carbon-to-value company transforming carbon dioxide into sustainable aviation fuel. Company Website: https://envisioning.partners

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About Energy Innovation Capital and EIC Rose Rock

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Energy Innovation Capital (EIC) is the premier capital provider for innovators serving the energy industry. EIC provides early and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions. EIC’s team leverages our industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what’s possible and build great companies. To learn more, visit www.energyinnovationcapital.com.

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EIC Rose Rock is the seed fund of EIC, formed in partnership with George Kaiser Family Foundation’s tech-focused development arm and multiple Fortune 500 energy leaders.  To learn more, visit www.eicroserock.com.

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About Phoenix Tailings

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Phoenix Tailings is transforming mining and critical materials processing to meet the exponentially growing global demand. Through a proprietary process, they extract usable metals, including rare earth metals, from mining waste known as tailings.

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To learn more about the innovative work Phoenix Tailings is doing, you can check out this informational video.

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Nick Myers is the CEO of Phoenix Tailings, a Massachusetts-based refiner of rare earth metals and other critical materials from mining waste.

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To learn more about the innovative work Phoenix Tailings is doing, you can check out this informational video.

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Media Contact: media@phoenixtailings.com