Redmond-based Planetary Resources, which is developing technology aimed at mining asteroids, has finalized a deal that secures $28 million from the government of Luxembourg, and will open its European headquarters in that country.
Redmond-based Planetary Resources, which is developing technology aimed at mining asteroids, said Thursday it has finalized a deal that secures an equity investment of $13.3 million from the government of Luxembourg, plus grants from that goverment worth another $14.4 million.
A preliminary agreement was announced in June.
As part of the deal, Planetary Resources is establishing a European headquarters in Luxembourg that will conduct research and development activities.
Georges Schmit, a member of the Space Resources advisory board to the Government of Luxembourg, wil join Planetary’s board.
Most Read Business Stories
- Amazon to cut 9,000 jobs in a new round of layoffs
- Bank turmoil triggers uncertainty in Seattle housing market
- Howard Schultz hands over Starbucks CEO role early to Laxman Narasimhan
- As bailiffs seize jets from Canadian airline, Boeing order in the balance
- Tesla turns Twitter into $44B communications apparatus | Commentary
“We plan to launch the first commercial asteroid prospecting mission by 2020 and look forward to collaborating with our European partner in this pivotal new industry,” said Chris Lewicki, Planetary Resources chief executive.