Biotech Startup REEgen Secures $200K State Grant to Advance Rare Earth Recovery Technology

ITHACA, N.Y. — An Ithaca-based biotech startup focused on critical mineral recovery has secured new state funding to accelerate its path to commercialization.

REEgen was awarded $200,000 on April 16 through the Innovation Matching Grants program, administered by Empire State Development’s Division of Science, Technology and Innovation (NYSTAR). The funding will support deployment of the company’s BioREEcover technology, which is designed to recover rare earth elements from industrial waste streams.

Rare earth elements are essential components in advanced technologies including electric vehicles, semiconductors, and defense systems, but global supply chains remain constrained and heavily concentrated overseas. Technologies that can recover these materials domestically are increasingly viewed as strategically important.

REEgen’s approach leverages biotechnology to extract valuable materials from waste, offering a potential dual benefit of reducing environmental impact while strengthening supply chain resilience.

“Support from the NYSTAR Innovation Matching Grants program comes at a pivotal moment for REEgen,” said CEO and Co-Founder Dr. Alexa Schmitz in a statement. “These funds will help us lock in key commercial partnerships by launching our first on-site BioREEcover unit.”

The NYSTAR Innovation Matching Grants program is designed to help early-stage companies bridge the gap between research and commercialization by matching federal funding with state investment. The goal is to accelerate the development of high-growth technology companies and bring new innovations to market faster.

“Under Governor Hochul’s leadership, New York continues to make strategic investments that nurture and grow the innovation economy across the state,” said Hope Knight, President, CEO, and Commissioner of Empire State Development. “By leveraging state funding with federal research grants, we are helping small businesses move from concept to commercialization more quickly, creating companies, jobs, and new industries.”

The latest award builds on REEgen’s recent momentum. The company previously won the $150,000 grand prize at FuzeHub’s Commercialization Competition during New York’s annual Innovation Summit in Rochester last fall.

The grant signals continued state support for deep tech and climate-focused innovation across upstate New York, as regions like Ithaca position themselves within emerging sectors tied to energy transition, advanced manufacturing, and materials science.

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