The startup has secured initial offtake agreements. Credit: Joaquin Corbalan P via Shutterstock.

Phoenix Tailings, a US-based startup specialising in rare-earth processing, has garnered support from BMW i Ventures and Yamaha Motor in its Series B financing round to boost rare-earth metals production.

Led by Envisioning Partners, the Series B financing will support Phoenix Tailings to advance its rare-earth processing capabilities, with a target of producing approximately 200 tonnes of rare-earth metals annually.

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BMW and Yamaha’s venture capital divisions joined other investors, including Envisioning Partners, MPower, and Escape Velocity, in Phoenix’s $43m Series B funding round, reported Reuters, citing Phoenix CEO Nick Myers as saying in an interview.

Phoenix Tailings, established by four co-founders in Cambridge, Massachusetts, is backed by the US Department of Energy and Defense and the State of Massachusetts.

The startup has secured initial offtake agreements and also validated its innovative technology. It aims for zero-waste, zero-emission objectives.

In a press statement, BMW said: “By delivering a sustainable and secure supply of rare-earth metals, Phoenix Tailings plays a vital role in strengthening the US supply chain for defence manufacturing and meeting the growing demand for these essential materials in commercial industries.”

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The company’s process extracts rare-earth metals from both conventional ores and alternative feedstocks such as recycled materials and mining waste, without generating harmful byproducts.

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

“From automotive and defence to medical devices, rare-earth metals are essential to modern manufacturing. At Phoenix Tailings, we are ensuring the US can meet this surging demand through processes that are ethical, sustainable, and economically viable.”