Planetary Resources’ New Owner Seems a Bit Flaky

Forbes takes a critical look at cryptocurrency/block chain guru Joe Lubin, whose ConsenSys company purchased asteroid mining company Planetary Resources. (Although given the headline, critical seems polite: Cryptopia In Crisis: Joe Lubin’s Ethereum Experiment Is A Mess. How Long Will He Prop It Up?)

So, how does asteroid mining fit into Lubin’s master plan?

Lubin insists ConsenSys is getting more selective in picking projects. But old habits die hard. In October it bought a nine-year-old asteroid-mining company called Planetary Resources. “We see it as a group of amazingly capable people who are interested in exploring how blockchain could ramify on space operations,” Lubin says abstrusely.

Ramify? Huh…

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Luxembourg Lost $13.7 Million on Planetary Resources Investment

Luxembourg Economy Minister Etienne Schneider has disclosed to Parliament that the nation lost €12 million ($13.7 million) investing in the asteroid mining company Planetary Resources, the Luxembourg Times reports.

In October, Luxembourg sold its stake in the company, which was acquired by the block chain management firm ConsenSYS.

The SNCI set up the SAAM Luxembourg, a company created with €13.75 million [$15.7 million], of which €12 million [$13.7 million] was directly invested in Planetary Resources for the 10% stake in its shares.

“This decision to sell results, among other things, from an analysis of the particular American legal context and prudent management which intends to limit the potential exposures of SAAM Luxembourg, or even of SNCI as sole shareholder of SAAM Luxembourg,” Schneider explained.

“The realised capital loss corresponds roughly to the value adjustment (of 100% of the sums invested in Planetary Resources) in the accounts in SAAM Luxembourg’s 2017 annual results,” he added.

Luxembourg Pivots Right Out of Planetary Resources’ Investment


The government of Luxembourg’s investment in asteroid miner turned block chainer Planetary Resources is over, the Luxembourg Times reports.

The Luxembourg government sold its 10% stake in US space firm Planetary Resources ahead of its takeover by blockchain venture ConsenSys.

ConsenSys announced on Wednesday it had acquired Planetary Resources through an asset-purchase transaction.

The Luxembourg government first took a stake in the company in 2016, when the Economy Ministry signed a memorandum of understanding and agreed to invest €25 million. 

The Luxembourg government has also invested in Planetary Resources’ rival, Deep Space Industries.

Planetary Resources Pivots Again: From Asteroid Mining to Block Chain

NEW YORK (ConsenSys PR) — Blockchain venture production studio ConsenSys, Inc. has acquired the pioneering space company Planetary Resources, Inc. through an asset-purchase transaction. Planetary Resources’ President & CEO Chris Lewicki and General Counsel Brian Israel have joined ConsenSys in connection with the acquisition.
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Planetary Resources to Auction off Equipment

Well, this doesn’t sound good.

In a fresh sign of the financial straits facing Planetary Resources, the asteroid mining company will be auctioning off hundreds of items from its headquarters in Redmond, Wash., ranging from industrial-strength CNC machine tools and 3-D printers to laptops and folding chairs.

The online auction will be conducted by James G. Murphy & Co. from Aug. 21 to 28, with a preview scheduled on Aug. 27 at Planetary Resources’ machine shop, lab and offices at 6742 185th Ave. NE in Redmond.

“We are preparing to sell some equipment that we’ve identified as not currently needed and easily replaceable,” Chris Lewicki, Planetary Resources’ president, CEO and chief asteroid miner, told GeekWire in an email. “This is a result of reducing overhead as we go forward with our smaller team.”

Word is the company is down to a handful of employees. Asteroid mining is a long-term venture; Planetary Resources hasn’t found a revenue model that can get it from here to there.

Planetary Resources Declares Arkyd-6 a Success

Arkyd-6 spacecraft (Credit: Planetary Resources)

Mission Update from Planetary Resources

On January 12, 2018, we launched the Arkyd-6, a 6U CubeSat, a demonstration platform for technology intended to detect water resources in space. The launch on the Indian PSLV C40 was spectacular and within hours after our spacecraft reached its polar Earth orbit, the team began to regularly receive healthy telemetry from the spacecraft.

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Planetary Resources Hits Bump in the Road

Arkyd-6 spacecraft (Credit: Planetary Resources)

Alan Boyle at GeekWire reports that asteroid mining company Planetary Resources has been forced to make some cutbacks.

A spokeswoman for Planetary Resources, Stacey Tearne, told GeekWire that financial challenges have forced the company to focus on leveraging the Arkyd-6 mission for near-term revenue — apparently by selling imagery and data.

“Planetary Resources missed a fundraising milestone,” Tearne explained in an email. “The company remains committed to utilizing the resources from space to further explore space, but is focusing on near-term revenue streams by maximizing the opportunity of having a spacecraft in orbit.”

Tearne said no further information was available, and did not address questions about employment cutbacks. However, reports from other sources in the space community suggest there have been notable job reductions. For what it’s worth, Planetary Resources had more than 70 employees at last report.

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Secondary Payloads Increasingly Take Center Stage

CubeSats (Credit: ESA/Medialab)

by Douglas Messier
Managing Editor

On most launches, the small secondary satellites that ride along with the primary payloads garner little attention.

That has begun to change in recent years as CubeSats have become increasingly capable. The importance of these small satellites could be seen in the recent launch of an Indian PSLV rocket, which carried a CartoSat Earth observation satellite and 30 secondary spacecraft from India, Canada, Finland, France, Republic of Korea, UK and the United States.

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Planetary Resources Launches Arkyd-6 CubeSat

Arkyd-6 spacecraft (Credit: Planetary Resources)

REDMOND, Wash., January 12, 2018 (Planetary Resources)Planetary Resources today announced the successful launch of the Arkyd-6, a 6U CubeSat, containing a demonstration of technology designed to detect water resources in space. The team has already begun to receive telemetry from the spacecraft. The data obtained from the Arkyd-6 will be valuable in the development of the Arkyd-301, Planetary Resources’ next spacecraft platform and the beginning of the company’s space resource exploration program.

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Planetary Resources Guy Says: Space Resources Will Save Us All

Video Caption: You care about the future of our planet. You traded in your gas-guzzling SUV for a Prius and your Keurig for a Coffee Maker — and if enough of us do that, we’ll save the Earth, right? Well, we are dangerously close to collapsing our own ecosystem and we are running out of time.

In this persuasive talk, James Orsulak argues that the only way to really make a difference is to look up. James Orsulak serves as the Director of Business Development at Planetary Resources, an asteroid mining company that has embarked on the world’s first commercial deep space exploration. The company focuses on technologies such as rocket propellant, water for life support functions, and construction materials sourced from asteroids.

Previously, James spent a decade developing industrial-scale fueling stations on Earth. He is an avid gardener who lives in Denver with his amazing wife, 2-year-old twins and a rambunctious Goldendoodle named Waffles. This talk was given at a TEDx event using the TED conference format but independently organized by a local community.

Editor’s Note: Found out about this video from a Tweet by Peter Diamandis, who founded Planetary Resources. He praised the talk by one of his employees.

But, the whole thing is confusing. Peter’s been running around promoting his book Abundance, which posits that things are getting better all the time and that the exponential technologies that lie at the heart of the Singularity University he co-founded are making life better for all. His whole position is one of techno-optimism bordering on techno-euphoria.

Yet, this talk posits that Earth and humanity itself is doomed without asteroid mining. What if it doesn’t turn out to be the panacea that they claim it to be? What if it’s not profitable enough to ensure the investment required? Are we all still doomed?

 

Missions to Moon, Mars, Mercury & More Set for 2018

This artist’s concept shows the OSIRIS-REx spacecraft passing by Earth. (Credits: NASA’s Goddard Space Flight Center/University of Arizona)

Updated with SpaceX’s Red Tesla launch.

An international fleet of spacecraft will be launched in 2018 to explore the Moon, Mars, Mercury and the Sun. Two sample-return spacecraft will enter orbit around asteroids while a third spacecraft will be launched to search for asteroids that contain water that can be mined.

NASA will also launch its next exoplanet hunting spacecraft in March. And the space agency will ring in 2019 with the first ever flyby of a Kuiper Belt object.

And, oh yes, Elon Musk is launching his car in the direction of Mars.
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Learn About Planetary Resources’ Arkyd-6 CubeSat

Video Caption: We’d like to introduce the Arkyd-6 spacecraft! This 6U cubesat is packed with power including 17 computing elements. The Arkyd-6 is part of our R&D program assisting us in the design of the Arkyd-301 spacecraft that will detect water on near-Earth asteroids.