USA Rare Earth, based in Tampa, Florida, was founded in 2019 by Pini Althaus. Thomas Schneberger was recently named as the company’s new CEO. The company is a domestic supplier of critical materials fueling the green tech revolution and owns an 80% interest in the Round Top Heavy Rare Earth, Lithium, and Critical Minerals Project located in Hudspeth County, West Texas.
The global rare-earth metals market is expected to reach a value of $42 billion by the end of 2031, according to a research report by Transparency Market Research. In addition, the TMR analysis states that the market is expected to grow at a compound annual growth rate of 13% over the next decade.
USA Rare Earth’s leading investors are Evolution VC Partners and Navajo Transitional Energy Co. The company has raised $64.3 million in funding over three rounds, the latest from a March 2021 seed round, according to Crunchbase. In March 2021, Reuters reported that the company had hired investment bankers to explore going public in a deal that could value the company at over a million dollars but thus far no action has been taken.