ITHACA, NY (607NewsNow) – An Ithaca-based biotech startup is being recognized for its innovation.

On October 31, REEgen won the $150,000 grand prize from FuzeHub in a field of 11 other startups at the State’s annual Innovation Summit.

The money will be used to accelerate the marketization of the company’s BioREEcover technology, which recovers rare earth elements from industrial waste. According to a company spokesperson, the United States currently recovers less than 1% of rare earth elements domestically and relies heavily on foreign sources, namely China, for the critical materials.

REEgen’s sustainable biological recovery platform uses genetically engineered bacteria to extract minerals essential to clean energy, defense, and electronics manufacturing, making it commercially viable and of national security importance.

REEgen is targeting revenue generation as early as mid-2026, which could translate to manufacturing operations and job opportunities in the region.

You can learn more about REEgen here.