BMW i Ventures has announced an investment in Phoenix Tailings, a pioneering metals production company dedicated to creating a zero-waste, zero-emission future. 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 about 200 tons of rare earth metals annually.
Phoenix Tailings was founded in a backyard in Cambridge, Massachusetts, by four co-founders looking to transform how critical metals are produced, metals essential to the technologies that power modern society. With the backing of the United States Department’s of Energy and Defense, as well as the State of Massachusetts, the company has secured initial offtake agreements, validated the groundbreaking technology and assembled a world-class team to bring this vision to fruition.
Phoenix Tailings is a U.S. company 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 as well as 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 plays a vital role in strengthening the U.S. supply chain for defense manufacturing and meeting the growing demand for these essential materials in commercial industries.
