Planetary Resources, a US-based asteroid mining company backed by several corporates, has attracted €25m ($27.6m) in funding from the government of Luxembourg and publicly owned financial institution Société Nationale de Crédit et d’Investissement (SNCI).
A total of €12m comes in the shape of a direct investment, with the equity stake taken by SNCI. The remainder will be provided as grants and research and development funding for work that will be conducted at a new facility in Luxembourg.
Founded in 2009, Planetary Resources is developing sensor technology to scan asteroids for valuable elements such as water, carbon and other metals that can be used to refuel rockets in space, build equipment and undertake other projects.
Luxmebourg provided the money through the SpaceResources.lu initiative it launched in June 2016. SNCI was founded in 1978 to provide loans and export credits to domestic startups and later-stage companies.
The funding will support the company’s first commercial asteroid prospecting mission, which is expected to take place by 2020. Georges Schmit, an advisory board member of SpaceResources.lu, will join Planetary Resources’ board of directors.
Planetary Resources attracted $21.1m in a May 2016 series A round led by venture capital fund OS Fund and backed by Idea Bulb Ventures, Vast Ventures, Grishin Robotics, Conversion Capital, Seraph Group, Space Angels Network and Larry Page, co-founder of conglomerate Alphabet.
Engineering company Bechtel made a strategic investment of undisclosed size in the company in 2013 that was followed a few months later by similar commitments from 3D printing company 3D Systems and geographical analysis software provider AGI.
Planetary Resources concluded a successful crowdfunding campaign in 2013 that raised more than $1.5m, including a $100,000 commitment from Richard Branson, chairman of conglomerate Virgin Group. Its other backers include VC firms Galvanize Ventures and Sinovation Ventures.
– A version of this article first appeared on our sister site Global Government Venturing.