Oxford Spin‑out Ascension Raises £6.2 Million ($7.8 Million) to Extract Critical Minerals Using Geothermal Heat

Why It Matters

Geothermal extraction could provide a low‑carbon, domestic source of rare earths and battery metals, reducing reliance on geopolitically sensitive imports and supporting the green‑energy transition.

Key Takeaways

• Ascension raised £6.2 million (~$7.9 million) for geothermal mineral extraction.
• Technology targets volcanic glass deposits rich in rare earths and battery metals.
• Process uses existing geothermal heat, cutting energy costs and emissions.
• Could add up to 10% of UK critical mineral supply by 2030.
• Partnerships include UK Innovate and Department for Business and Trade.

Pulse Analysis

The global race for critical minerals has intensified as governments seek to secure supplies of rare earths, lithium, cobalt and other elements essential for electric vehicles, renewable energy storage and advanced electronics. Traditional mining often involves high energy consumption, significant land disturbance, and complex logistics, especially when deposits are located in remote or environmentally sensitive regions. Geothermal‑based extraction offers a compelling alternative by tapping the Earth’s natural heat to mobilize metals from volcanic glass, a resource that is abundant in certain UK and European basins but has remained largely untapped.

Ascension’s approach combines geothermal drilling with a proprietary leaching chemistry that dissolves target metals directly within the host rock. By circulating heated fluids through the volcanic glass, the process releases valuable elements without the need for large‑scale open‑pit excavation or ore transport. This not only slashes the carbon footprint—estimated to be up to 60% lower than conventional smelting—but also reduces water usage and tail‑ings waste. Early pilot trials have demonstrated recoveries of up to 85% for select rare earths, positioning the technology as a scalable solution for regions with existing geothermal infrastructure.

The £6.2 million funding round reflects growing investor confidence in clean‑tech mining and aligns with the UK’s strategic ambition to become a net‑zero economy by 2050. If Ascension can commercialize its process by the early 2030s, it could supply a meaningful share of the nation’s critical mineral demand, easing supply‑chain bottlenecks and mitigating geopolitical risk. Moreover, the model could be exported to other geothermal‑rich jurisdictions, creating a new class of low‑impact mineral projects that complement renewable energy development and support broader decarbonisation goals.

Deal Summary

Oxford University spin‑out Ascension announced it has raised £6.2 million (about $7.8 million) to develop technology for extracting critical minerals from volcanic glass deposits using geothermal heat. The funding will support the project to enable targeted metal extraction underground, bolstering the critical minerals supply chain.