{"id":510008,"date":"2024-12-11T16:30:00","date_gmt":"2024-12-11T21:30:00","guid":{"rendered":"https:\/\/spacenews.com\/?p=510008"},"modified":"2024-12-11T13:41:00","modified_gmt":"2024-12-11T18:41:00","slug":"fleet-space-raises-100-million-to-advance-mineral-exploration-on-earth-and-beyond","status":"publish","type":"post","link":"https:\/\/spacenews.com\/fleet-space-raises-100-million-to-advance-mineral-exploration-on-earth-and-beyond\/","title":{"rendered":"Fleet Space raises $100 million to advance mineral exploration on Earth and beyond"},"content":{"rendered":"

ORLANDO, Fla. \u2014 Australia\u2019s Fleet Space Technologies has raised $100 million to expand its satellite-based mineral exploration capabilities and take the technology to the moon.<\/p>

Teachers\u2019 Venture Growth, part of the Ontario Teachers\u2019 Pension Plan, led the nine-year-old company\u2019s Series D funding round.<\/p>

The latest investment brings Fleet\u2019s total venture funding to more than $165 million and values the company at $525 million, more than double its valuation from a Series C round<\/a> last year.<\/p>

Matt Pearson, Fleet cofounder and chief exploration officer, said the proceeds will help the company miniaturize mineral prospecting ground sensors that use its satellites to send seismic data to customers.<\/p>

Fleet\u2019s ambient noise tomography system, called ExoSphere, is already lighter than alternatives, according to Pearson, and can map 3D subsurface models in days compared to months with conventional techniques.<\/p>

\u201cBut it\u2019s still nine kilos,\u201d he said. \u201cSo if you\u2019re hiking through a swamp with one in each hand and two in a backpack \u2014 it\u2019s heavy. What we want to do is lighten it up but keep or increase the sensitivity.\u201d<\/p>

To the moon<\/strong><\/p>

Fleet is currently developing a 600-gram version of the sensor to join Firefly Aerospace\u2019s Blue Ghost lunar lander mission to the far side of the moon in 2026.<\/p>

The Australian company aims to use the device, Seismic Payload for Interplanetary Discovery, Exploration, and Research (SPIDER), to record seismic waves to help characterize the moon\u2019s subsurface.<\/p>

Earlier this year, the Australian Space Agency awarded Fleet a grant worth 4 million Australian dollars ($2.6 million) to develop a geophysical device that will deliver insights about the subsurface of the lunar South Pole and search for water ice deposits.<\/p>

\u201c[T]he orthodox view in NASA is, if there’s any water ice in regolith, we don\u2019t care if it’s below a meter down because we\u2019ll never be able to access it,\u201d Pearson said. <\/p>

\u201cWe believe if, if there\u2019s anything worth finding, it\u2019s going to be buried a bit deeper, and there will be techniques to get to it.\u201d<\/p>

\"\"
A rendering of how SPIDER would be tethered to Firefly Aerospace’s Blue Ghost lunar lander. Credit: Fleet Space Technologies<\/figcaption><\/figure>

While SPIDER would stay tethered to the lander over the 14-day mission on the far side of the moon in 2026, Pearson said the company ultimately plans to deploy a network of lunar satellites for connectivity.<\/p>

Fleet sees the mission \u2014 scheduled to be Firefly\u2019s second to the moon, with its first gearing up for a January launch<\/a> \u2014 as a precursor to a lunar business. The company is also developing a version of its sensor that could be deployed and repositioned while wearing an astronaut glove.<\/p>

Pearson said increasing mobility and accelerating data acquisition will be crucial, given the limited time astronauts would spend on the moon in the early days of building out infrastructure there.<\/p>

Astronauts would begin with wide spacing to map structures, then relocate the array and reduce the aperture size to capture high-resolution snapshots of areas of interest.<\/p>

\u201cAnd whereas this used to take years \u2014 you\u2019d go back once per season and kind of dial things in \u2014 now we can do this in a matter of days,\u201d he said.<\/p>

Fleet later plans to address similar challenges for expeditions to Mars.<\/p>

Pearson expects initial customer demand from governments but also sees growing interest from commercial companies looking to develop a lunar economy.<\/p>

\u201cIf you want to know where the sweet spot is to set up base camp, Fleet wants to be the company that can tell you where to do that and work with you to make this the most efficient investment possible,\u201d he said.<\/p>

Expanding on Earth<\/strong><\/p>

On Earth, Fleet says more than 50 exploration companies have used its ExoSphere service on projects across five continents, including Rio Tinto, Barrick, Gold Fields, and Core Lithium.<\/p>

While compact and lightweight technology is critical for saving costs for moon missions, Pearson expects Earth-based customers will also benefit from the miniaturization efforts.<\/p>

\u201cWe\u2019ve got customers that can only deploy by helicopter in Canada because it\u2019s so densely wooded,\u201d he said. \u201cThere\u2019s no way to truck equipment in.\u201d<\/p>

A smaller device would reduce the burden on people hiking through mountains to use the technology, he added, \u201cand renting a helicopter to fly around the mountains for a couple of months is seriously expensive.\u201d<\/p>

Fleet currently operates two satellites in low Earth orbit and plans to deploy three more in the first half of 2025 over two separate SpaceX launches.<\/p>

Existing investors Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures also participated in the Series D funding round.<\/p>","protected":false},"excerpt":{"rendered":"

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