Planetary Resources says it has finalized a $28 million (€25 million) agreement with Luxembourg to ramp up its asteroid mining campaign.
The deal calls for the tiny European nation’s government and one of its top banking institutions, the Société Nationale de Crédit et d’Investissement, to provide €12 million ($13.5 million) in direct capital investment and €13 million ($14.5 million) in grants, Planetary Resources announced today.
George Schmit, an advisory board member of Luxembourg’s SpaceResources.lu initiative, is joining the company’s board of directors. Planetary Resources, which is based in Redmond, Wash., will also establish a European headquarters in Luxembourg.
The agreement follows through on a memorandum of understanding that was announced in June.