Phoenix Tailings Announces Investments from Presidio Ventures, EIC Rose Rock, and Envisioning Partners.
Aug 11, 2023
Phoenix Tailings raises key funding from strategic investors to revolutionize mining and critical metals processing
WOBURN, MA — Phoenix Tailings has successfully raised a strategic financing round from world-class industrial clean energy investors. The company 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 with Phoenix Tailings’ ongoing expansion. The company is currently commercially producing Neodymium, dysprosium, and Terbium. They plan to expand to battery group metals as well as increase their domestic production capacity to better meet the surging demand for critical minerals.
“We are demonstrating to the world that it is possible to create critical materials without compromising our environmental or public health standards. ” said Nick Myers, Phoenix Tailings CEO and co-founder.
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.
“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.”
“Decarbonization of mining and metals production is becoming increasingly crucial for energy transition and decarbonization of manufacturing.” Said Hyunjoo Je, managing partner of Envisioning Partners. “Phoenix Tailings can sustainably unlock the key rare earth metals needed to create wind turbines, electric vehicles, and electronics.”
“Phoenix Tailings fills a vitally important gap in the rare earth metal production value chain. Phoenix Tailings’ non-hazardous process to refine rare earth metals from mining tailings is both economically viable and the only available process that meets US EHS requirements,” said Andrew Lackner, Managing Director of Energy Innovation Capital.
“Phoenix Tailings makes rare earth metal production possible in the United States.”
About Presidio Ventures & Sumitomo Corporation
Presidio Ventures is the VC arm of Sumitomo Corporation, a leading Fortune 500 global diversified trading and business investment company with 129 locations (Japan:20, Overseas:109) in 66 countries and regions.
As an investor and a partner, Presidio Ventures assists early-stage technology, internet, mobile, media and cleantech companies looking towards global markets, like Japan and Asia, to grow their business and maintain their competitive edge. Presidio leverages its technological expertise, international business development experience, and a cross-industry network to identify overseas partners for its portfolio companies and provides financial resources necessary to take advantage of growth opportunities. Presidio Ventures is a subsidiary of Sumitomo Corporation and has offices in Silicon Valley, Boston and LA.
About Envisioning Partners
Envisioning Partners’ Climate Solutions Fund is a leading Seoul-based impact VC funding. They 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.
About Energy Innovation Capital and EIC Rose Rock
Energy Innovation Capital (EIC) 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. EIC’s team leverages our industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what’s possible and build great companies. To learn more, visit www.energyinnovationcapital.com.
EIC Rose Rock is the seed fund of EIC, formed in partnership with George Kaiser Family Foundation’s tech-focused development arm and multiple Fortune 500 energy leaders. To learn more, visit www.eicroserock.com.
About Phoenix Tailings
Phoenix Tailings is transforming mining and critical materials processing to meet the exponentially growing global demand. Through a proprietary process, they extract usable metals, including rare earth metals, from mining waste known as tailings.