US-based rare earth elements (REE) production startup Phoenix Tailings has raised $76mn in an oversubscribed Series B round for its Exeter, New Hampshire, production facility.
The Exeter facility will have production capacity of 500 metric tonnes (t)/yr of rare earth metals, matching the entire annual demand of the US defense industry, the company said 1 May.Initial output is set to begin this summer at 200t/yr.
Phoenix Tailings currently operates a 40t/yr commercial facility and sources rare earth concentrates from domestic and allied producers.
The Exeter plant will scale the production of finished metals and alloys. It will initially produce neodymium-praseodymium, ferro-dysprosium, dysprosium, and terbium.
The Exeter facility will be the first standalone US rare earth refinery capable of processing feedstocks from mines, recycled materials, coal fly ash, and other byproducts into finished metals, according to Phoenix Tailings.
The refined metals will be supplied to domestic and allied magnet manufacturers serving the defense, medical, and automotive industries.
The company raised $76mn in an expanded Series B round, led by Korean venture capital firm Envisioning Partners. The second close was anchored by US investment firm Escape Velocity, with additional investments from Builders Vision, Yamaha Motor Ventures, Japanese's global venture capital fund M Power, Sumitomo's venture arm Presidio, and other key investors.
