BMW Invests in Sustainable Rare Earth Refining
The date of：
2025-01-06
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BMW i Ventures has announced a strategic investment in Phoenix Tailings, a trailblazing metals production company committed to creating a zero-waste, zero-emission future. The investment, part of a Series B financing round led by Envisioning Partners with participation from Yamaha Motor Ventures and Escape Velocity, will support Phoenix Tailings in scaling its operations to produce approximately 200 tons of rare earth metals annually. This initiative underscores BMW’s commitment to sustainability and securing critical resources for advanced technologies.Series B financing led by Envisioning Partners supports Phoenix Tailings’ expansion.Targeting production of ~200 tons of rare earth metals annually.Innovative processes extract rare earth metals without toxic byproducts.Strengthens the U.S. supply chain for defense and commercial industries.Addresses reliance on foreign sources like China and Russia.Phoenix Tailings was founded in Cambridge, Massachusetts, by four innovators with a vision to revolutionize the production of critical metals essential to modern technologies. Backed by the U.S. Departments of Energy and Defense, as well as the State of Massachusetts, the company has achieved key milestones, including securing offtake agreements, validating its technology, and building a world-class team.“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 at 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 specializes in refining rare earth metals used in magnets for applications ranging from defense to renewable energy. Its groundbreaking approach extracts metals from traditional ores and unconventional sources like recycled materials and mining waste (tailings) without creating toxic byproducts. This innovation positions the company as a cost-competitive alternative to foreign-dominated processes, supporting the U.S. industrial base.Nick Myers, co-founder and CEO of Phoenix Tailings, emphasized the growing importance of rare earth metals: “From automotive and defense 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.”BMW i Ventures, the independent venture capital arm of BMW Group, invests in transformative companies shaping the future of automotive, sustainability, and manufacturing. Since 2011, the firm has invested in over 80 startups and manages $800M in assets.Phoenix Tailings is a clean mining and metals production company focused on creating a zero-waste, zero-emission future. Based in Burlington, MA, with plans to expand to Exeter, NH, the company is redefining sustainable resource recovery with its innovative processes.For more information, visit BMW i Ventures or Phoenix Tailings.
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