“Due to the fact that every month hundreds of new satellites are being put into orbit which all create space waste, this can start to cause issues if not correctly addressed,” he said. “If the technology is real and they can build a fully electric propulsion system, the potential is enormous,” said George Iakovou, founder and CEO of Vika Ventures and has invested in companies like SpaceX, Palantir Technologies (NYSE: PLTR) and Snowflake (NYSE: SNOW). Thus, there is substantial opportunity for Prime Lightworks stock to rise in value in the coming years. There was also a 48% increase in global commercial spacecraft missions to 251.īut given that the company’s technology is potentially disruptive, it could prove useful in other space markets. ![]() What’s more, according to The Space Report, the spending on infrastructure and support industries for space rose by 16.1% to $119.17 billion last year. The initial target market for Prime Lightworks is satellite propulsion. There would also be longer lifespans for space vehicles, higher reliability and larger vehicle sizes. ![]() There simply may no longer be need for spacecraft fuel (the cost savings could be as much as 50%). After all, this is why Prime Lightworks is still working on its proof-of-concept.Īssuming the company can create a commercially viable system, it would definitely be a game changer. No doubt, all this requires complex mathematics and innovative materials (the technology is currently patent pending). This is a thruster that is based on the momentum density of the electromagnetic field.įor the most part, it’s about creating large amounts of electromagnetic radiation pressure that creates tremendous power. Then what will Prime Lightworks do? Well, it will leverage a solar-powered radio amplifier and microwave cavity as an alternative. 7 Internet Of Things Stocks To Buy For 2021 And Beyond.This leads to space debris, which can pose dangers to existing satellites. But of course, there are then the enormous amounts of waste emissions. For example, when it comes to launching satellites, the fuel can cost a hefty $50,000 per kilogram. While there have been remarkable advances in propulsion systems, there are still a myriad of problems and challenges. Seeing an interesting opportunity, he launched Prime Lightworks in 2015. He was an electromagnetic interference (EMI) and survivability engineer.įlanagan got the idea for his startup when he read that NASA was evaluating microwave propulsion systems that required zero fuel. in physics from Harvard and would then go to work at Elon Musk’s SpaceX for a couple years. The building’s Art Deco heritage is preserved not only in the poured-in-place concrete frontage that wraps around the entire front corner of the site, but in the very identity and future of The Lightworks Building itself.The CEO and founder is Kyle Flanagan, who is a twenty-something (he currently is among the Forbes 30 Under 30 Class of 2020 in Science). Open floor plans, city and mountain views and unique rooftop deck spaces are attracting prime tenants to this iconic Vancouver community. The Lightworks Building was conceived from the ground up to pay homage to the site’s electrical factory roots and importance to Vancouver’s history, while inspiring a new generation of entrepreneurial energy. PC Urban re-imagined the whole project, proposing a larger, modern commercial building, integrated with a restored historic façade that would connect the past and the future of Mount Pleasant in a relevant and meaningful way. Remediating the site, however, would take more resources than a normal development could provide. They envisioned a multi-purpose business hub that would attract visionary entrepreneurs and build on the City’s vision for Mount Pleasant. ![]() The PC Urban team was immediately attracted to the history and potential of the site. Yet the site itself was burdened with the chemical remnants of decades of electronics manufacturing, which would be costly to remediate. City Hall, understandably, did not want to lose this piece of Vancouver heritage. ![]() Concrete Art Deco crowns atop the building’s raised columns are echoes of this era of enterprise and style. Simmonds, architect of Vancouver’s iconic Vogue and Stanley Theatres. The original structure was built in 1942, designed by H.H. Since that time, the building housed a variety of industrial and commercial tenants, but slowly decayed, even as the revitalization of the Mount Pleasant neighbourhood evolved all around it. Through the 1940’s and 1950’s, 22 East 5th Avenue was home to the Cemco Electric Manufacturing Company, makers of high-tech electrical components used in the Allied war effort in WWII. PC Urban re-imagined it by preserving its story to go above and beyond what anyone else thought was possible. This is a property most developers would avoid.
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