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§ Private Profile · Woburn, MA, USA
Metals-refining company transforming mining waste into usable metals.
Phoenix Tailings develops advanced processes for sustainable rare earth metal production, extracting valuable elements from mining waste. Employing clean energy and zero-waste methodologies, their approach establishes a domestic supply chain for critical metals. This transforms environmental liabilities into strategic resources, pioneering clean metals refining, moving from traditional intensive extraction.
Co-founded by MIT alumni, including Nicholas Myers, the company originated from a foundational insight into the environmental impact and supply chain vulnerabilities of conventional rare earth processing. The founders aimed to create environmentally sound and economically viable methods to produce essential materials, leveraging expertise to reimagine the production lifecycle from waste.
Phoenix Tailings serves industries needing reliable, sustainably sourced rare earth metals, supporting sectors from renewable energy to defense. The company's vision is to build the first fully clean and circular rare earth supply chain, ensuring a stable, ethical source for critical materials. They aim to reshape the global rare earth landscape, fostering economic resilience and environmental stewardship.
Phoenix Tailings has raised $117.8M across 4 funding rounds.
Phoenix Tailings has raised $117.8M in total across 4 funding rounds.
Phoenix Tailings has raised $117.8M across 4 funding rounds. Most recently, it raised $40.2M Debt / Series B in February 2026.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Feb 20, 2026 | $40.2M Debt Financing | Nichola Eliovits | Nomura | Announced |
| Dec 4, 2025 | $1.6M Grant | ARPA E | — | Announced |
| May 1, 2025 | $33M Series B Plus | Yong Hyun KIM | Ganesh Ramani, Mpower Partners, Presidio Ventures, Anish Patel | Announced |
| Dec 1, 2024 | $43M Series B | — | BMW I Ventures, Lockheed Martin Ventures | Announced |
Phoenix Tailings has raised $117.8M in total across 4 funding rounds.
Phoenix Tailings's investors include Nichola Eliovits, Nomura, ARPA-E, Yong Hyun Kim, Ganesh Ramani, MPower Partners, Presidio Ventures, Anish Patel, BMW i Ventures, Lockheed Martin Ventures.
Phoenix Tailings is a Massachusetts-based technology company founded in 2019 that extracts and refines rare earth metals and critical minerals from mining waste (tailings) using a clean, net-zero process powered by renewable energy.[1][2][4] It produces finished metals and alloys for high-demand sectors like automotive (e.g., electric vehicles), defense, medical devices, consumer electronics, renewable energy (e.g., wind turbines), and batteries, solving the U.S.'s heavy reliance on China's 97% control of global rare earth processing by enabling domestic, waste-free supply chains.[1][3][5] The company operates a 40-ton-per-year commercial facility in Woburn, MA, and recently opened a larger 400-ton-per-year plant in Exeter, NH, with plans to reach over 3,000 tons by 2026; it has raised $96.56M, including a $33M Series B-II round last month from investors like BMW and Yamaha.[1][2][3][9]
This addresses environmental and geopolitical vulnerabilities in critical mineral supply, turning mining waste into economic value without toxic byproducts or high emissions, positioning Phoenix Tailings as a key player in U.S. reindustrialization.[2][4][5]
Phoenix Tailings emerged from backyard experiments by its four co-founders—Nicholas Myers (CEO, Northeastern alum), Anthony Balladon, Tomás Villalón Jr. (CTO, co-founder with Myers), and Michelle Chao—with expertise in engineering, materials science, and operations.[2][3] The idea sparked during a bible study group, driven by a mission to clean up rare earth processing amid China's dominance and the industry's toxic waste problem; early on, Myers and Villalón identified refining inefficiencies and developed a non-toxic, low-temperature method using predictive complexation.[2][3]
Starting as MVM Industrial, the team joined Greentown Labs in Boston in 2019, grew to 45 employees, and achieved early traction with a pilot facility producing commercial-grade metals.[1][2][3] Pivotal moments include securing DOE grants, Techstars Boston 2020 acceleration, and scaling from lab tests to operational plants, fueled by a "gritty, fail-fast" ethos.[3][5][8]
Phoenix Tailings stands out through proprietary technology and operational advantages:
Phoenix Tailings rides the critical minerals reshoring trend, fueled by U.S. national security needs, clean energy mandates (e.g., EVs, wind), and supply chain vulnerabilities exposed by China's export restrictions.[1][3][4][5] Timing is ideal amid IRA incentives, DOD demand (~500 tons/year), and rising U.S. needs (>10,000 tons/year), with mining waste abundant domestically.[3][5]
Market forces like geopolitical tensions, EV/defense growth, and sustainability regulations favor its waste-to-metal model, reducing new mining's footprint.[2][5] It influences the ecosystem by partnering across the value chain—supplying manufacturers, enabling upstream extraction innovations, and proving scalable clean refining, accelerating America's rare earth independence and net-zero tech transition.[1][4][6]
Phoenix Tailings is poised for explosive growth, targeting Series C in 2026 to expand capacity beyond 3,000 tons/year, develop upstream waste extraction, and add metals like nickel/magnesium for batteries.[1][2][5] Trends like AI-driven electrification, defense modernization, and circular economy policies will amplify demand, while DOE support and investor momentum (recent oversubscribed rounds) de-risk scaling to meet 7%+ of U.S. production.[1][5]
Its influence could evolve from niche producer to supply chain linchpin, inspiring allied nations' reshoring and redefining metals as a clean tech pillar—turning yesterday's waste into tomorrow's industrial backbone.[2][4]