Luxembourg has its eyes on extraterrestrial resources

28 May 2024 | News

A new scheme will fund start-ups that are investigating how to exploit resources in space

ESRIC logo's photo credits: ESRIC. Stars' photo credits: BigStock.

Luxembourg’s European Space Resources Innovation Centre, (ESRIC), is working on setting up a start-up fund to complement its existing incubator, which helps innovators explore ideas for exploiting extra-terrestrial resources, such as water on the moon and metals and minerals in asteroids.

ESRIC is conceptualising the model now and will issue a call to see which big industry players are interested in contributing this year. Next year, the agency will launch the first call for start-ups looking for funding.

The start-up fund will extend the support provided by ESRIC’s incubator, which backs teams of innovators through two main phases. The first three-months helps them understand their needs and write a business plan. In the second phase, the most successful teams get up to two years to work on their…