Phoenix Tailings has raised key funding from strategic investors to revolutionise mining and critical metals processing.
Phoenix Tailings is scaling up its proprietary technology to extract and refine critical metals, such as rare earth metals, while cleaning up legacy mining waste.
These new investments will assist the company’s commercial production of neodymium, dysprosium, and terbium. There are also further plans to expand this to battery group metals and increase domestic production capacity to meet the surging demand for critical minerals.
Nick Myers, CEO and co-founder of Phoenix Tailings, explained: “We are demonstrating to the world that it is possible to create critical materials without compromising our environmental or public health standards.”
Increasing the production of critical minerals
“Unprecedented demand for electrification and clean energy requires a drastic increase in global capacity to produce critical materials,” said Ross Leav, Senior Vice President at Presidio Ventures.
“Phoenix Tailings’ all-star team of scientists has produced a continuous stream of innovation that puts the company far ahead of anyone else working on this challenge.”
Hyunjoo Je, managing partner of Envisioning Partners and one of the investors, added: “The decarbonisation of mining and metals production is becoming increasingly crucial for the energy transition and decarbonisation of manufacturing.
“Phoenix Tailings can sustainably unlock the key rare earth metals needed to create wind turbines, electric vehicles, and electronics.”
The investors
Phoenix Tailings is proud to welcome new world-class partners, including:
- Presidio Ventures, the VC arm of Japan’s Sumitomo Corporation;
- EIC Rose Rock, the energy tech seed fund of Energy Innovation Capital; and
- Envisioning Partners, a leading Seoul-based impact VC fund.
As an investor and partner, Presidio Ventures assists early-stage technology, internet, mobile, media, and clean technology companies looking towards global markets, like Japan and Asia, to grow their business and maintain their competitive edge.
Envisioning Partners are dedicated to only investing in companies that can make a meaningful, rapid impact on the climate crisis. Investments include Mango Materials, a renewable bioproducts company, and TECOPLUS, a bioplastics company.
Energy Innovation Capital (EIC), the final Phoenix Tailings investor, is the premier capital provider for innovators serving the energy industry. EIC provides early and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions.
