Phoenix Tailings Secures $40.2 Million to Expand U.S. Rare Earth Metals Production
Phoenix Tailings has raised $40.2 million in a B-3 funding round, including $30.2 million in equity and $10 million in venture debt. This financing will enhance production capabilities for various rare earth metals, expanding beyond neodymium-praseodymium, dysprosium, and terbium. Strategic partners such as Eni Next, Geodesic Alliance Fund, and Traxys participated in this round, which aims to secure supply chains critical for national security and advanced manufacturing.
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Phoenix Tailings has closed a $40.2 million B-3 funding round, totaling $116.6 million in Series B funding. This round included $30.2 million in equity and $10 million in venture debt from Nomura. The funds will enable the company to expand its production of rare earth metals, including samarium and yttrium.
New strategic partners include Eni Next and Geodesic Alliance Fund. The financing aims to support the U.S. in securing critical mineral supply chains necessary for energy and defense sectors. Existing investors also participated, underscoring the commitment to enhance domestic rare earth production capacity.
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