BMW i Ventures announced today an investment in Phoenix Tailings, a inventive 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 ~200 tons of rare earth metals annually. The output can be used in electric motor magnets, batteries, semiconductors, among other applications.

Phoenix Tailings says it was “founded in Cambridge, Massachusetts to transform how critical metals are produced – metals essential to the technologies that power modern society.” The nascent firm was heavily subsided by U.S. taxpayers via the United States Departments of Energy and Defense, as well as the State of Massachusetts. With the monies, Phoenix Tailings secured initial offtake agreements, validated its technology to process mining waste, and hired a team of workers to make the metals.

“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.”