Munich-based startup Hades Mining, which develops advanced drilling technologies to sustainably access deep geothermal energy and critical minerals, has raised €5.5 million in a pre-seed round led by Project A.
- Founded in 2025, Hades Mining develops advanced drilling and subsurface access technologies to extract geothermal energy and critical minerals from ultra-deep rock formations.
- Using in-situ recovery (ISR) techniques, the company circulates fluids through rock to recover minerals without traditional open-pit excavation, while its geothermal systems tap stable, high-temperature reservoirs to generate sustainable energy.
- By combining geology, engineering, and proprietary technology, Hades operates across the full project lifecycle, from site preparation and licensing to production, aiming to provide Europe with independent and resilient access to essential raw materials and energy sources.
Details of the deal
- The €5.5 million pre-seed round was led by Project A, a Berlin-based VC firm that has raised a €325 million fund to back European startups at the pre-seed and seed stages.
- The round also saw participation from Visionaries Tomorrow, Founders Factory, the Viessmann Generations Group, Interface Capital, and Founderlake, alongside a group of angel investors including Florian Seibel, Moritz von der Linden, and Roman Hölzl.
- Hades Mining will use the €5.5 million pre-seed funding to accelerate the development of its proprietary drilling and subsurface access technologies, enabling the extraction of geothermal energy and critical minerals at unprecedented depths.
"This marks the beginning of our journey to build Europe’s first vertically integrated, tech-enabled mining company, unlocking deep geothermal and critical minerals responsibly and at scale," Hades Mining's team, commented on LinkedIn.
- Additionally, the company will invest in site exploration and preparation, laying the groundwork for its first operational projects.
