Magrathea Backed by $100M to Rebuild American Magnesium Production
San Francisco, 5 May 2026 - Magrathea, a technology company building the US’s only new magnesium metal smelter, has secured fresh capital bringing the company's total backing over $100M from private investors, government, and commercial partnerships. Magrathea currently has over $500M per year worth of future metal sales under MOU with multiple binding commercial agreements in place.
In November 2025, Magrathea and industrial chemicals producer TETRA Technologies, Inc. (NYSE: TTI) signed a term sheet to form a joint venture called Arkansas Magnesium to evaluate the technical and commercial benefits of a magnesium extraction plant in Southwest Arkansas at TETRA’s Evergreen chemical campus. The JV partnership business model de-risks plant finance and reduces operating costs by leveraging TETRA’s energy, land, supply chain, and operational capabilities. In March 2026, Magrathea and TETRA finalized the JV operating agreement establishing the joint venture, and engineering work is underway on the Arkansas Magnesium’s Commercial Phase 1 plant.
To support construction of the plant, Magrathea closed a $24m Series A private fundraise in March 2026. The round was co-led by Resource Technology Capital, a fund founded by mining finance veteran Richard Tite focused on technology that unlocks material abundance, and Balerion Space Ventures, a fund focused on investing in technologies that secure freedom for the Western World. Seed round investors VoLo Earth, Capricorn Investment Group, Ora Global, and others re-invested in the new round. Participating in the Series A were new investors including Oxcart, WovenEarth, Audacity, Avila, and other recognized technology investing leaders with international industrial connectivity.
Global leaders in mining and manufacturing invested in the company include:
Mike Blitzer, Board Chair at USA Rare Earth
Ashley Zumwalt Forbes, former DOE Deputy Director for Critical Minerals
Eric Finlayson, CTO at GoGreen Partners
Emilie Bodoin, CEO of Pure Lithium
The Pelliconi family, global metal and plastic closures manufacturing leaders
"Magnesium metal supply underpins trillions of dollars of trade and national security is impossible without it," said Alex Grant, CEO of Magrathea. "Magrathea is the global category leader in rebuilding ex-China magnesium supply. We’ve now received 9-digit backing across three private venture capital rounds, three federal government investments, and significant commercial partnerships. Our lean, efficient capital stack puts Magrathea firmly out in front for rebuilding Western magnesium supply. No one is catching up.”
Magnesium is the “gateway metal” used across the defense industrial base and economy. It is critical for aerospace with 400 pounds of it used in a single Blackhawk helicopter, is vital in every aluminum alloy, and is essential for primary steelmaking. Magnesium is consumed in making several other critical materials including titanium for aerospace, hafnium and zirconium for nuclear, beryllium for electronics, and amorphous boron for kinetics. Magnesium is designated a critical mineral by the Department of Energy, Department of War, and Department of the Interior.
About Magrathea
Magrathea is a technology company founded in California that has developed a new generation of electrolytic process for making clean, secure magnesium metal from seawater and brines. Magnesium supply underpins trillions of dollars of trade and national security is impossible without it and Magrathea is the category leader in re-building ex-China supply of the critical material. For media inquiries, please contact media@magratheametals.com.