Foley Represents Envisioning Partners as Investor in Series B Round for Phoenix Tailings

Foley & Lardner LLP represented Envisioning Partners as an investor in the $33 million Series B extension funding for Phoenix Tailings, a Burlington, Massachusetts, developer of rare earths from mining waste, for a total funding of $76 million. In addition to Envisioning Partners, who led the initial closing, the second round was anchored by Escape Velocity with support from Builders Vision, Yamaha Motor Ventures, MPower, Sumitomo Corporation, and other key investors.

The funding will be used toward the expansion of Phoenix Tailings’ proven rare earth processing technology, which integrates both separation and metallization to transform U.S. and allied raw materials into finished rare earth metals domestically. The new Exeter, New Hampshire, facility will have a total capacity of 500 tons per year of rare earth metal output, equivalent to the entire annual demand of the U.S. defense industrial base. Initial production will begin in summer 2025 with 200 tons per year.

Envisioning Partners is a domain-focused investment firm that invests in companies transforming the important environmental and societal challenges of our time into significant market opportunities. Recognizing that climate crisis and demographic shifts are two of the most pressing societal challenges of our time, Envisioning Partners focuses investment on climate and energy, health, and work solutions.

The Foley team was led by partners Louis Lehot and Alicia D’Alba Dorner and associate Wesley Choi.