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Phoenix Tailings secures $54.2 million in incentives for its Eastman Business Park plant
Most of the $54.2 million is tax savings and power funding
Sources: WHEC.com, markets.businessinsider.com
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| Amount | Share | |
|---|---|---|
| Tax savings and power funding | $35.3 million | 65.1% |
| State investment tax credits | $15.9 million | 29.3% |
| Excelsior Jobs tax credits (up to) | $3 million | 5.5% |
If you've been watching Eastman Business Park, here's news: Phoenix Tailings' rare earth separation plant has secured about $54.2 million in state and local infrastructure incentives. A news release says the package is subject to eligibility and performance requirements, approvals and final award terms.
CEO and co-founder Nick Myers said Phoenix chose the site "because of Kodak’s lush, rich history there." He said the company isn't mining in Rochester but processing material into final products. Rep. Joe Morelle said the project is about making sure "the next generation of American innovation is built right here in Rochester, by American workers."
- Production ramps in 2027, with full production planned for 2028
- County programs are expected to help with equipment and training
- Builds on a previously announced conditional U.S. Department of War loan
The Freedom Project by the numbers
- 18,000 tons
- of rare earth feedstock processed a year
- 4,400 tons
- of separated rare earth oxides at full capacity
- 200+
- direct New York jobs when fully operational
- 90
- jobs at launch
Source: WHEC.com
