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.
“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.
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.
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.
Video Caption: On January 12, 2018, Planetary Resources’ Arkyd-6 spacecraft successfully launched from the Satish Dhawan Space Centre. In this video, Director of Software Brian Geddes details the progress the team has made, the next steps in the mission and the overall excitement! Read more here: https://www.planetaryresources.com/2018/01/arkyd-6-is-in-orbit/
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.
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.
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?
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. (more…)
Video Caption: Asteroid mining is the key to our future expansion into space. See the vision of Planetary Resources in our latest video short featuring Dante Lauretta, Ph.D. and also Tory Bruno of United Launch Alliance.
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.
Video Caption: Planetary Resources is embarking on the world’s first commercial deep space exploration mission. The purpose is to identify and unlock the critical water resources necessary for human expansion in space. Sourcing water is the first step to creating a civilization in space. Water is used for life support functions and can also be refined into rocket propellant. The initial mission will identify the asteroids that contain the best source of water, and will simultaneously provide the vital information needed to build a commercial mine which will harvest water for use in space.
Editor’s Note: This is very cool. But, when? I understand the need for promotional videos, but they often serve as placeholders. In lieu of an actual mission/demonstrable progress, here’s a video of what we’re going to do eventually. Here’s a profile of our ground crew.
I’m a little puzzled by Planetary Resources. It was formed on Jan. 1, 2009, and emerged from stealth mode in April 2012. They launched one CubeSat from the space station but said virtually nothing about it after launch (not a good sign). A follow-on Earth orbit tech demo sat was scheduled for 2015, but it still hasn’t launched. They announced a Kickstarter to display selfies in orbit but later canceled that mission and refunded the money. They announced an Earth orbiting constellation that would monitor crops from orbit. Then they canceled that program after raising $21.1 million in Series A investment to fund it.
They had this big press conference back in 2012 to announce it, and there was all this hype from Peter Diamandis and all these billionaires with more money than God involved. I would have expected more progress by now, and that the company backed by so many immensely wealthy people wouldn’t be so dependent on government funding from Luxembourg.
The company has been advertising on social media that they’re hiring, so that seems to be a good sign.
You might recall that last June the company announced it had raised a Series A round of funding totaling $21.1 million for an Earth-observation project called Ceres. The constellation of satellites would monitor natural uses using the infrared and hyperspectral sensors.
In the five years since the company came out of stealth mode, it has pivoted from focusing on asteroid missions to remote sensing and now back to asteroid missions.
Foust didn’t report on the reason for the latest pivot. However, Planetary Resources main financial backer and partner is the government of Luxembourg, a postage-size country (as these things go) that doesn’t have a lot of use for natural resource monitoring, but is very interested in asteroid mining.
In November 2016, Luxembourg announced it was investing $28 million in Planetary Resources. The company also has set up an office in the European nation.
Foust did report that Lewicki, who is the company’s CEO, said two Arkyd-6 satellites are being readied for delivery in the next month for launch. The spacecraft will search for promising asteroids.
Lewicki also said the company plans to launch its first asteroid prospecting mission in the second half of 2020.
Some very sad news to report. Matthew Isakowitz passed away on May 25. He was 29.
Matthew served as associate director of the Commercial Spaceflight Federation (CSF) for three years after graduating from Princeton University in 2009. While an undergraduate, he worked for two months at SpaceX on the Dragon spacecraft.
After leaving CSF, Matthew worked at the asteroid mining company, Planetary Resources. More recently, he was working at Astranis, a startup focused on building small, low-cost telecommunications satellites that would deliver Internet connectivity to areas of Earth not currently being served.
Matthew was the son of Steve Isakowitz, who is president and CEO of The Aerospace Corporation. He is survived by his mother, Monica, and three sisters: Jennifer, Rachel, and Sophie.
Future Space Leaders is collecting donations for a “to-be-announced initiative that will further Matthew’s legacy in the field of human space exploration.”
REDMOND, Wa., May 22, 2017 (Planetary Resources PR) –Planetary Resources, the asteroid mining company, announced today that it has named Brian Israel as General Counsel. Mr. Israel will oversee the legal, regulatory, and compliance functions for the company, its parent, and Planetary Resources Luxembourg. The company’s vision is to expand humanity’s economic sphere of influence into the Solar System by providing resources for people and products in space, with a near-term goal of identification, extraction, and refinement of water from near-Earth asteroids.