BMW shores up EV rare earth materials source

BMW i Ventures is among the latest investors to financially back mining and minerals company Phoenix Tailings, which is preparing to scale production of rare earth metals to 200 tons annually, according to a Dec. 30 press release. The BMW Group’ ‘s private equity arm did not disclose its investment stake in the Massachusetts-based startup. However, Kasper Sage, managing partner at BMW i Ventures, said in the release that Phoenix Tailings’ zero-waste, zero-emissions process as “a breakthrough that will significantly advance the sustainable refining of rare earth metals.” Phoenix Tailing’s process is “a crucial step forward as many clean energy technologies depend on these critical materials,” Sage added.