Phoenix Tailings has closed a $40.2 million oversubscribed B-3 amplification round, bringing its total Series B funding to $116.6 million, as the company accelerates the expansion of domestic rare-earth metals production.
The round consisted of $30.2 million in equity and $10 million in venture debt from Nomura and was offered exclusively to existing investors and select strategic partners. Proceeds will support the expansion of Phoenix Tailings’ capabilities beyond its current production of neodymium-praseodymium (NdPr), dysprosium (Dy), and terbium (Tb) to include samarium (Sm), yttrium (Y), and other critical rare earth metals.
The capital will help advance the buildout of a fully integrated domestic rare-earth production platform capable of delivering the full spectrum of strategic materials required across the energy, defense, and advanced manufacturing sectors.
The financing adds strategic partners including Traxys, Eni Next, and Geodesic Alliance Fund. The round also included participation from Aether VC and continued backing from existing investors such as Olive Tree Capital, Envisioning Partners, and MPower Partners. The company said the financing reflects aligned capital committed to rebuilding critical mineral capacity in the United States.
Traxys, a global commodities trading and logistics firm with expertise across critical minerals markets, joined as a strategic partner. Eni Next, the corporate venture arm of Eni, and Geodesic Capital’s Alliance Fund also participated in the round.
Phoenix Tailings operates domestic refining facilities in Massachusetts and New Hampshire, producing finished rare-earth metals and alloys for global customers. The company has developed proprietary technology that enables the economic, safe, and emissions-free processing of rare earth elements into final metals and alloys.
KEY QUOTES
“We made the deliberate decision to open a small amplification round available only to a select group of partners at a critical moment for our company. As we prepare to massively scale production to meet surging global demand, we are bringing together powerhouses from around the world to accelerate execution and expand capacity. This round strengthens our ability to deliver the rare earth production the United States and its allies require. Traxys is the premier trading house in the world for rare earths, with deep expertise operating across borders and navigating complex global markets. Their understanding of critical mineral flows and customer demand is unmatched. With Traxys as a partner, we are closing supply chain gaps and building a fully integrated rare earth platform that delivers security, transparency, and reliability to global customers.”
Nicholas Myers, Co-Founder And CEO Of Phoenix Tailings
“Critical metals are foundational to the future of global energy, from electrification to advanced mobility and next-generation infrastructure. Phoenix Tailings is the leading rare earth production company, with differentiated technology and a clear path to scaled production that makes this global energy future possible. We are excited to support a team strengthening the resilience of the critical minerals value chain at such a pivotal moment.”
Clara Andreoletti, CEO Of Eni Next
“The U.S.–Japan alliance is foundational to global security, economic resilience, and technological leadership. Strategic critical minerals like rare earths are core to that partnership, and Phoenix Tailings is building the industrial capability to secure those supply chains for both countries. By backing Phoenix, we are strengthening transpacific collaboration that will drive durable, allied production capacity and long-term economic advantage.”
Tom Gillespie, Head Of Geodesic Capital’s Alliance Fund
“I have had the privilege of watching Phoenix grow from an idea into one of the top rare earth producers in the world. The leadership team built this company from nothing through technical rigor, relentless execution, and a clear vision for restoring industrial capacity in the United States. This round brings in the strategic partners needed to accelerate that momentum and scale production to meet global demand.”
Nichola Eliovits, Founder And CEO Of Olive Tree Capital
