Magrathea, a technology company building what it describes as the United States’ only new magnesium metal smelter, announced fresh funding that brings the company’s total backing to more than $100 million from private investors, government support, and commercial partnerships.
The company said it currently has more than $500 million per year in future metal sales under memorandum of understanding agreements, along with multiple binding commercial agreements already in place.
In March 2026, Magrathea closed a $24 million Series A funding round co-led by Resource Technology Capital and Balerion Space Ventures. Existing investors, including VoLo Earth, Capricorn Investment Group, and Ora Global, also participated in the round. Additional investors included Oxcart, WovenEarth, Audacity, and Avila.
The company is developing a new electrolytic process designed to produce magnesium metal from seawater and brines. Magnesium is considered a critical mineral due to its importance in aerospace, defense, aluminum production, steelmaking, nuclear applications, electronics, and other industrial sectors.
In November 2025, Magrathea and TETRA Technologies signed a term sheet to create a joint venture, Arkansas Magnesium, to evaluate a magnesium extraction plant in Southwest Arkansas at TETRA’s Evergreen chemical campus. In March 2026, the companies finalized the joint venture operating agreement, and engineering work is now underway on the Commercial Phase 1 plant.
According to the company, the partnership structure is intended to reduce financing risk and operating costs by leveraging TETRA’s energy infrastructure, land, supply chain capabilities, and operational expertise.
Magrathea said global leaders in mining and manufacturing who have invested in the company include Mike Blitzer, board chair at USA Rare Earth; Ashley Zumwalt Forbes, former DOE deputy director for critical minerals; Eric Finlayson, CTO at GoGreen Partners; Emilie Bodoin, CEO of Pure Lithium; and the Pelliconi family.
Magrathea was founded in California to rebuild non-China magnesium supply chains by developing new metal production technologies focused on clean, secure domestic manufacturing capabilities.
KEY QUOTES:
“Magnesium metal supply underpins trillions of dollars of trade and national security is impossible without it.”
“Magrathea is the global category leader in rebuilding ex-China magnesium supply. We’ve now received 9-digit backing across three private venture capital rounds, three federal government investments, and significant commercial partnerships.”
“Our lean, efficient capital stack puts Magrathea firmly out in front for rebuilding Western magnesium supply. No one is catching up.”
Alex Grant, CEO, Magrathea
