Ascension

Ascension is an Oxford University spinout developing technology to recover critical minerals from underground geothermal systems. The company is targeting rare earth elements and other materials used in wind turbines, electric vehicles, semiconductors and defence systems — a supply chain currently concentrated in a handful of regions and dependent on energy-intensive surface mining.

Its Selective Recovery programme uses naturally occurring geothermal heat and environmentally safer leaching solutions to dissolve and extract metals directly from volcanic glass deposits underground, removing the need for excavation, milling and high-temperature surface processing. The platform draws on capabilities across geological mapping, geophysical surveying, reservoir modelling and lixiviant optimisation, building on research led by Professor Jon Blundy and Professor Mike Kendall at Oxford.

Founded in 2024 and headquartered in Oxford, Ascension is led by Co-Founder and CEO Motoaki Sumi alongside Blundy and Kendall. The company has raised £6.2 million to date, including a £1.7 million round in April 2026 from UKI2S, Oxford Science Enterprises, East X and an Innovate UK Growth Catalyst grant. The funding is being used to advance the Selective Recovery programme towards field trials.