Receives funding to help build sustainable US rare earth supply chain.

Backing from BMW i Ventures is allowing Phoenix Tailings to recover 200 metric tons of rare earth metals like neodymium and dysprosium from mine tailings annually, advancing sustainable technology and strengthening U.S. supplies.

Working to unlock the immense potential hidden within mine tailings and other waste byproducts, Phoenix Tailings has grown from a backyard project in Cambridge, Massachusetts, into a formidable startup with technology poised to redefine the rare earth metals production process.

It is estimated that the mining industry produces between 65 and 100 billion tons of waste each year, with most of it stored in tailings ponds and other containment facilities.

Phoenix believes the mine waste product known as tailings may hold approximately $112 trillion in untapped value in metals like titanium, aluminum, and rare earth elements, presenting a largely untouched opportunity for companies to transform waste into economic ventures while addressing decades of mining dregs.

Utilizing a combination of hydrometallurgy, solvometallurgy, and electrometallurgy, the company extracts trace amounts of valuable metals from tailings ponds without generating toxic byproducts or direct carbon emissions – a process that can be tailored to target specific materials.

This is accomplished with a closed-loop system that leaves behind nothing but sand, or a sand-like residue, extracting value while reducing over 70% of the tailings' volume.

In just a few short years, Phoenix has demonstrated its product viability at the pilot scale, secured federal funding, including backing from the U.S. Department of Energy's ARPA-E program, and announced the establishment of the first rare earths refinery in the U.S.

Building on these successes, the company has now secured significant Series B investments from BMW i Ventures – the venture capital arm of BMW – along with Envisioning Partners, Yamaha Motor Ventures, and Escape Velocity, marking a critical milestone in the company's journey toward scaling its operations.

"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 BMW i Ventures Managing Partner Kasper Sage. "We're excited to see how this innovation will reshape global supply chains and contribute to a more sustainable future."

With this Series B funding round, Phoenix is poised to produce 200 metric tons of rare earth metals annually, including neodymium and dysprosium – essential components in magnets for electric vehicles, wind turbines, and other clean energy technologies.

"As our reliance on advanced technology grows, so does our dependence on critical metals – particularly lesser-known materials like rare earth metals," said Phoenix Tailings CEO Nick Myers. "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."