BMW i Ventures invests in Phoenix Tailings to scale US rare earth metal production
January 8, 2025
BMW i Ventures, Mountain View, California, USA, has announced an investment in Phoenix Tailings, a metals production company based in Woburn, Massachusetts, USA. The Series B financing, which was led by Envisioning Partners and included additional participation from Yamaha Motor Ventures and Escape Velocity, will enable Phoenix Tailings to scale its rare earth processing operations to produce ~200 tons of rare earth metals annually.
“Phoenix Tailings has made a breakthrough that will significantly advance the sustainable refining of rare earth elements – a crucial step forward as many clean energy technologies depend on these critical materials,” said Kasper Sage, Managing Partner, BMW i Ventures. “We’re excited to see how this innovation will reshape global supply chains and contribute to a more sustainable future.”
Phoenix Tailings is focused on refining rare earth metals into the final products essential for magnets used in various components. Through its innovative process, Phoenix Tailings extracts rare earth metals from both traditional ores and non-traditional feedstocks such as recycled materials and mining waste – known as “tailings” – without producing toxic byproducts. This approach allows the company to be cost-competitive with traditional processes currently dominated by China and Russia. By delivering a sustainable and secure supply of rare earth metals, Phoenix Tailings is working to strengthen the US supply chain for defence manufacturing and meet the growing demand for these essential materials in commercial industries.
“As our reliance on advanced technology grows, so does our dependence on critical metals—particularly lesser-known materials like rare earth metals,” said Nick Myers, co-founder and CEO of Phoenix Tailings. “From automotive and defence to medical devices, rare earth metals are essential to modern manufacturing. At Phoenix Tailings, we are ensuring the United States can meet this surging demand through processes that are ethical, sustainable, and economically viable.”
