California Startup Raises $13 Million to Harvest Platinum From Asteroids

Every electronic device you have has a number of these elements, and they reduce vehicle emissions, are used in chemotherapy drugs, andPlatinum-group metals are used across the board. Gialich and Acain want AstroForge to be the first private asteroid mining company to get off the ground, and they hope to begin demonstrations as early as January 2023.

The $13 million raised will allow us to expand our testing facility, hire multiple people, and complete the first demo launch.

According to the founders of AstroForge, they have developed a method for mining asteroids that are 20 to 1,500 feet in diameter. Instead of landing mining probes on the surface, the company would break asteroids apart and collect valuable aggregate materials. The demonstration would involve the launch of a refinery payload that would work on an asteroid sample. According to Space.com, the company has booked a flight on a rocket for the test.

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It's not obvious that asteroid mining will be worth the trouble. The cost of launching objects to space remains high, while the steady influx of space metals is likely to cause a dramatic drop in their value. asteroids have the potential to be hugely valuable sources of rare metals, and some near-Earth asteroids could be worth trillions of dollars, according to NASA.

A company that is hellbent on getting its asteroid mining business off the ground is a bit unnerving. AstroForge is now an official member and cheerleader of the space economy.