LUXEMBOURG (Luxembourg PR)–The Luxembourg Government, the public-law banking institution “Société Nationale de Crédit et d’Investissement” (SNCI) and U.S.-based space technology company Planetary Resources have signed a 25 million euro investment and cooperation agreement within the framework of Luxembourg’s SpaceResources.lu initiative which aims at the exploration and the commercial utilization of resources from Near Earth Objects (NEOs), such as asteroids.
Within this agreement, the Luxembourg Government invests direct capital in Planetary Resources, Inc. and the Ministry of Economy is providing funding through different types of R&D grants.
REDMOND, Washington, November 3, 2016 (Planetary Resources PR) – Planetary Resources, Inc., the asteroid mining company, announced today that it has finalized a 25 million euro [$27.75 million] agreement that includes direct capital investment of 12 million euros and grants of 13 million euros from the Government of the Grand Duchy of Luxembourg and the banking institution Société Nationale de Crédit et d’Investissement (SNCI).
The funding will accelerate the company’s technical advancements with the aim of launching the first commercial asteroid prospecting mission by 2020. This milestone fulfilled the intent of the Memorandum of Understanding with the Grand Duchy and its SpaceResources.lu initiative that was agreed upon this past June.
The Small Satellite 2016 Conference is now over. Below are links to Parabolic Arc’s coverage of the conference and the CubeSat Workshop that preceded it last weekend. There are also links to announcements made during the conference and in recent weeks.
NASA’s new publication, “Economic Development of Low Earth Orbit,” consists of a series of papers that examines a number of important policy questions that will be of rising importance as NASA transitions human spaceflight in LEO to the private sector.
One of the papers, “Venture Capital Activity in the Low-Earth Orbit Sector,” has detailed information on what U.S. venture capitalists have invested in. Key excerpts from the paper follow. (more…)
First in an irregular series on entrepreneurial buzz words
Come on let’s pivot again, Like we did last quarter! Yeaaah, let’s pivot again, Like we did last year!
Do you remember when, ROI was really hummin’, Yeaaaah, let’s pivot again, Pivotin’ time is here!
Heeee, and round and round til IPO we go! Oh, baby, make those investors love us so!
Let’s pivot again, Like we did last quarter! Yeaaah, let’s pivot again, Like we did last year!
There comes a time in the existence of many startups when there an urgent need to change direction. You set up the company to pursue a goal, but for one reason or several — a lack of a market, shortage of investment, regulatory hurdles, a flawed concept — you have to direct all that talent, technology and enthusiasm toward a new objective that will keep the company in operation.
REDMOND, Wash., USA, June 13, 2016 (Planetary Resources PR) – Planetary Resources, Inc., the asteroid mining company, announced today that it has signed a Memorandum of Understanding with the Government of the Grand Duchy of Luxembourg and the banking institution Société Nationale de Crédit et d’Investissement (SNCI).
LUXEMBOURG CITY (Luxembourg Government PR) — The Luxembourg Government forges ahead with the SpaceResources.lu initiative by presenting an overall strategy to be implemented progressively for the exploration and commercial utilization of resources from Near Earth Objects (NEOs), such as asteroids. Amongst the key actions undertaken is the establishment of an appropriate legal and regulatory framework for space resource utilization activities to provide private companies and investors with a secure legal environment.
MONHEIM, Germany, May 31, 2016 (Bayer/Planetary Resources PR) – Bayer and the aerospace technology company Planetary Resources, based in Redmond, Washington, USA, have signed a memorandum of understanding about the development of applications and products based on satellite images. Bayer intends to purchase these data from Planetary Resources to create new agricultural products and improve existing ones. The collaboration will be part of the Digital Farming Initiative at Bayer (www.digitalfarming.bayer.com). Financial details were not disclosed.
REDMOND, Wash., May 26, 2016 (Planetary Resources PR) – Planetary Resources, Inc., the asteroid mining company, announced today that it has secured US$21.1 million in Series A funding. The capital will be used to deploy and operate Ceres, an advanced Earth observation business that features the first commercial infrared and hyperspectral sensor platform to better understand and manage humanity’s natural resources.
The funding was led by Bryan Johnson and the OS FUND; and joined by Idea Bulb Ventures; Tencent; Vast Ventures; Grishin Robotics; Conversion Capital; The Seraph Group; Space Angels Network, a syndication of investors from Angel.co; and Larry Page. Earth observation will be another aspect of Planetary Resources’ operations in addition to prospecting and mining asteroids.
Asteroid mining company Planetary Resources sent out the following cancellation and refund message today has been sent to supporters of its ARKYD Kickstarter. The campaign raised money so people could send pictures of themselves into space that would be displayed with Earth in the background.
According to the message, Planetary Resources was only going to launch the satellite if it got other people to give them even more money to fly the mission. That funding was which was not forthcoming from the multiple billionaires that back Planetary Resources (Larry Page, Eric Schmidt and Richard Branson among them) or anyone else the company targeted for funding.
U.S. Patent No. 9,266,627 February 23, 2016 [Full Patent]
Method, apparatus, and system for asteroid prospecting and mining
A method of prospecting asteroids for mining includes (a) launching at least one spacecraft, the spacecraft including a space telescope; (b) examining a plurality of asteroids using the space telescope to gather scientific data on the asteroids for characterization and cataloging; and (c) selecting one or more asteroids to mine from the plurality of asteroids examined by the space telescope and contained within the catalog. A system for prospecting asteroids for mining is also described.
Inventors: Anderson; Eric (Arlington, VA), Diamandis; Peter H. (Santa Monica, CA), Lewicki; Chris (Bellevue, WA), Voorhees; Chris (Bellevue, WA)
Applicant: Planetary Resources Development Corporation, Bellevue, WA (more…)
Luxembourg’s announcement of its space resources initiative provides three things that companies like Planetary Resources and Deep Space Industries (DSI) need to make their dreams of mining asteroids a reality.
Legal Recognition. The United States is alone in the world in recognizing space property rights. There is some dispute over whether the law violates the 1967 Outer Space Treaty. (more…)
LUXEMBOURG CITY (Luxembourg Government PR) — The Luxembourg Government announced a series of measures to position Luxembourg as a European hub in the exploration and use of space resources. Amongst the key steps undertaken, as part of the spaceresources.lu initiative, will be the development of a legal and regulatory framework confirming certainty about the future ownership of minerals extracted in space from Near Earth Objects (NEO’s) such as asteroids.
The country is home to one of the world’s biggest satellite firms, SES, and is now planning to create a space mining industry that could both advance science and make investors wealthy, according to a report in the Financial Times.
The Grand Duchy is partnering with the dramatically-named commercial space mining firms, Deep Space Industries and Planetary Resources of the US.
Luxembourg‘s Economy Minister Etienne Schneider is set to provide details on Wednesday about the joint venture, which seeks to mine gold, platinum and other minerals. Former ESA Director General Jean-Jacques Dordain is an adviser to the effort.