The slow death of Planetary Resources
Link here. The article tries to put a positive spin on the company’s decline, but the facts described tell a different story, with its failure to raise investment capital essentially forcing it to shut down, with its best people leaving for greener pastures.
[The fund-raising failure] forced a sharp reduction in Planetary Resources’ workforce. How sharp? Lewicki declined to say, but LinkedIn’s listings show that a number of employees have moved on to Blue Origin, Amazon and other companies.
Several former members of the team have started up a new engineering services company called Synchronous. Maggie Scholtz, a Planetary Resources veteran who is now Synchronous’ president of aerospace and space, will be one of the speakers at the NewSpace conference. The event gets under way on Tuesday at the Hyatt Regency Lake Washington in Renton, Wash. Other Synchronous partners include Chris Voorhees, who was Planetary Resources’ chief engineer until February; Peter Illsley, Planetary Resources’ former director of mechanical and thermal engineering; Brian Geddes, former director of software; and Rhae Adams, former director of mining and energy.
Planetary Resources had to let a robotic worker go as well. Arkyd-6A, the experimental Earth-observing satellite that was launched for the company in January, is now idle in low Earth orbit.
When this company made its splashy appearance in 2012, claiming it planned to do asteroid mining, I said hogwash. They weren’t an asteroid mining company, at best they were a cubesat-sized orbiting telescope company, testing technologies for looking at asteroids.
In the end, they weren’t even that. Arkyd-6A has taken one picture of the Earth, and is not competitive with numerous other Earth-observation companies that have already launched many superior and commercially profitable satellites.
I am not optimistic for the future of this company. The lesson it provides however is important. Companies that oversell themselves should be viewed with great skepticism.
Readers!
My annual February birthday fund-raising drive for Behind the Black is now over. Thank you to everyone who donated or subscribed. While not a record-setter, the donations were more than sufficient and slightly above average.
As I have said many times before, I can’t express what it means to me to get such support, especially as no one is required to pay anything to read my work. Thank you all again!
For those readers who like my work here at Behind the Black and haven't contributed so far, please consider donating or subscribing. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above.
Link here. The article tries to put a positive spin on the company’s decline, but the facts described tell a different story, with its failure to raise investment capital essentially forcing it to shut down, with its best people leaving for greener pastures.
[The fund-raising failure] forced a sharp reduction in Planetary Resources’ workforce. How sharp? Lewicki declined to say, but LinkedIn’s listings show that a number of employees have moved on to Blue Origin, Amazon and other companies.
Several former members of the team have started up a new engineering services company called Synchronous. Maggie Scholtz, a Planetary Resources veteran who is now Synchronous’ president of aerospace and space, will be one of the speakers at the NewSpace conference. The event gets under way on Tuesday at the Hyatt Regency Lake Washington in Renton, Wash. Other Synchronous partners include Chris Voorhees, who was Planetary Resources’ chief engineer until February; Peter Illsley, Planetary Resources’ former director of mechanical and thermal engineering; Brian Geddes, former director of software; and Rhae Adams, former director of mining and energy.
Planetary Resources had to let a robotic worker go as well. Arkyd-6A, the experimental Earth-observing satellite that was launched for the company in January, is now idle in low Earth orbit.
When this company made its splashy appearance in 2012, claiming it planned to do asteroid mining, I said hogwash. They weren’t an asteroid mining company, at best they were a cubesat-sized orbiting telescope company, testing technologies for looking at asteroids.
In the end, they weren’t even that. Arkyd-6A has taken one picture of the Earth, and is not competitive with numerous other Earth-observation companies that have already launched many superior and commercially profitable satellites.
I am not optimistic for the future of this company. The lesson it provides however is important. Companies that oversell themselves should be viewed with great skepticism.
Readers!
My annual February birthday fund-raising drive for Behind the Black is now over. Thank you to everyone who donated or subscribed. While not a record-setter, the donations were more than sufficient and slightly above average.
As I have said many times before, I can’t express what it means to me to get such support, especially as no one is required to pay anything to read my work. Thank you all again!
For those readers who like my work here at Behind the Black and haven't contributed so far, please consider donating or subscribing. My analysis of space, politics, and culture, taken from the perspective of an historian, is almost always on the money and ahead of the game. For example, in 2020 I correctly predicted that the COVID panic was unnecessary, that the virus was apparently simply a variation of the flu, that masks were not simply pointless but if worn incorrectly were a health threat, that the lockdowns were a disaster and did nothing to stop the spread of COVID. Every one of those 2020 conclusions has turned out right.
Your help allows me to do this kind of intelligent analysis. I take no advertising or sponsors, so my reporting isn't influenced by donations by established space or drug companies. Instead, I rely entirely on donations and subscriptions from my readers, which gives me the freedom to write what I think, unencumbered by outside influences.
You can support me either by giving a one-time contribution or a regular subscription. There are four ways of doing so:
1. Zelle: This is the only internet method that charges no fees. All you have to do is use the Zelle link at your internet bank and give my name and email address (zimmerman at nasw dot org). What you donate is what I get.
2. Patreon: Go to my website there and pick one of five monthly subscription amounts, or by making a one-time donation.
3. A Paypal Donation or subscription:
4. Donate by check, payable to Robert Zimmerman and mailed to
Behind The Black
c/o Robert Zimmerman
P.O.Box 1262
Cortaro, AZ 85652
You can also support me by buying one of my books, as noted in the boxes interspersed throughout the webpage or shown in the menu above.
I suppose they rode on the ARM wave as long as it lasted. LOP-G is ARM without the asteroid, so this is an illustration of the uselessness of LOP-G as a concept. Had ARM instead been a mission to one of the moons of Mars, it might have given them the opportunity to bring their own cubesat-lander there along with it to demonstrate some kind of prospecting for water on asteroid like bodies, happening by now already.