The Space Pirates were among the first to capitalise on Phazon. While they are a people of singleminded greed and resolve to conquer the galaxy, they excelled in morally questionable scientific endeavours. Of course the Impact Crater on Tallon IV was an obvious site around which an outpost replete with research and mining facilities would develop.
The Galactic Federation also took an interest of their own in military, industrial, and energy applications of Phazon.