Ascension Secures £1.7M Seed Funding for Geothermal Mineral Recovery Trials
Ascension has raised £1.7 million in seed funding to advance field trials for recovering critical minerals using geothermal methods. This funding, part of a total of £6.2 million raised, aims to reduce environmental impacts associated with conventional mining.
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Ascension, an energy startup from Oxford University, has successfully closed a £1.7 million seed funding round led by UK Innovation & Science Seed Fund (UKI2S), alongside Oxford Science Enterprises and East X. This funding will facilitate field trials of a Selective Recovery programme, which utilizes geothermal heat to extract critical minerals from underground sources, aiming to reduce land disturbance compared to traditional mining methods.
The UK and EU governments are increasingly focused on enhancing local critical minerals processing and supporting environmentally sustainable technologies. Ascension's ability to demonstrate effective field extraction could significantly impact the supply chain for clean energy technologies and defense sectors, addressing risks associated with reliance on foreign mineral sources.
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