So, what is inverted transcendence? Think of it this way. Since ancient times, we have believed that the most knowable is the most real. The most profound way we have of knowing our world comes through the use of concepts and mathematics. Concepts and mathematical relationships describing nature are idealizations of patterns of regularity that we find in nature.
To get objective about nature, we have to arrange it so it fits our conceptual and mathematical tools, our idealizations of it. This has proven very successful in areas where researchers can control and eliminate local contingencies to get to the universally constant laws (such as laws of motion.) This is what allows people to build reliable machines. However, not all of nature is amenable to this approach to research (unless you think that nature is "nothing but" particles in motion; i.e., unless you privilege that one scale of things and stamp it with the label, Reality, and talk of building blocks, putting the methodological cart firmly before the ontological horse as is the wont of reductionists...)
Nature is not just particles in motion, it exists on many scales - it is ecosystems, tectonic plates smashing together, the act of breathing, rustling leaves, strange creatures swimming by vents in the ocean floor, reproducing, etc. These things have power to make changes in the world. Not all causality occurs at the level of sub atomic particles.
One cannot locate and eliminate local contingencies and make rigorously controlled experiments when studying human behaviour and other phenomena. All natural phenomena are complex. Human beings reduce natural phenomena to idealized mathematical objects, quantities and relations - particles in motion governed by natural laws.
So, from a scientific perspective, the matter we call objective reality is a conceptually reduced scale of existence - a useful idealization. Note the absence of any value ideal in those mathematical idealizations, though. Nature, as seen through the reductionist lens, has no purpose. So what are we transcending with our idealizations of matter? Our vitality? Our lived experiences? Our woes and joys? Certainly there is joy in the act of genuine discovery, but that's peripheral to the reductionistic project. More and more people talk of the next stage of evolution as a cyborg society, to my mind a symptom of the nihilism in the project. Even basic drive is purpose. Even this nihilism is purpose.
So what is inverted transcendence, as distinguished from materialism? Painted in an extreme kind of way, I'd say an inverted transcendence is one which focuses on reduced idealized matter, not on nature, and has as its point the reduction and idealization of nature, and the subjection of our human interests and cares to that model. Or perhaps I could put it this way: Heaven and earth became separated and nature was reduced to an idealized inert matter. It was virginalized. Next, heaven was eliminated from the picture of how the world is, leaving us with laws of nature or what Sheldrake calls "the ghost of the god of the world machine." (Have a listen to Minute 13:30 to 15:30 of his CBC podcast. I'm deeply skeptical of many of Sheldrake's explanations, but like his questions.)
Having shied from understanding material nature in its richness, we're not really asking or learning about ourselves in a way that situates us in nature, where we might gather the learning we need to adjust and make the right decisions. There is a loss of meaning. Meanwhile, we're inundated with products. We're all dressed up with nowhere to go, except to an ecological tipping point.
I don't think the solution to this strange nihilism is to reinstate some kind of theological or platonic heaven but to heal the split and come back to earth. To do that, we need to find a new way of looking at matter, while questioning what it is we wish to transcend.
Matter is not inert.