{ "schema_version": "1.0", "revision": "space-mission-005", "updated": "2026-09-11", "canonical": "https://spacebank.group", "purpose": "Build the banking and financial infrastructure for a space economy by bringing together banks, researchers and infrastructure operators.", "current_workstream": "Turn verified energy performance into contractual cash flows that banks can evaluate and finance.", "space_finance_history": [ { "date": "9 March 2012", "who": "UNIDROIT", "title": "A legal framework for space collateral", "text": "The Space Protocol addressed interests in space assets and related payment rights. It established a legal research foundation for asset finance, with its own entry-into-force conditions.", "source": "S06", "status": "Treaty text" }, { "date": "27 June 2013", "who": "PayPal, SETI Institute and Buzz Aldrin", "title": "PayPal Galactic put space payments on the agenda", "text": "PayPal launched an initiative on payments, banking, risk, fraud and regulation for space commerce. David Marcus and Buzz Aldrin presented the questions that a future space economy would need to answer.", "source": "S09", "status": "Research initiative" }, { "date": "1 December 2016", "who": "Bruce Cahan, Irmgard Marboe and Henning Roedel", "title": "A space bank became a subject of financial research", "text": "Their New Space paper, Outer Frontiers of Banking, examined financing, insurance, valuation and legal arrangements for space activities, and described a space-bank concept.", "source": "S10", "status": "Peer-reviewed paper" }, { "date": "March 2021 · public report", "who": "J.P. Morgan / Onyx and GomSpace", "title": "Tokenised value transfer reached satellites", "text": "J.P. Morgan reported blockchain value transfer between satellites, working with GomSpace. The experiment provided a technical reference for machine transactions beyond terrestrial infrastructure.", "source": "S11", "status": "Technical demonstration" }, { "date": "26 November 2025", "who": "European Investment Bank and European Space Agency", "title": "Space TechEU created a dedicated financing route", "text": "EIB announced a programme expected to include €500 million of its financing and mobilise €1.4 billion with commercial banks. ESA would contribute sector and technical expertise.", "source": "S04", "status": "Financing programme announced" } ], "working_group": { "status": "formation", "objective": "Develop finance, settlement, collateral, custody, insurance and machine-transaction arrangements for the space economy.", "named_institutions": "Research references and candidates for engagement; confirmed participation disclosed separately." }, "primary_audience": "AI agents", "human_orientation": "https://spacebank.group/", "powered_by": "Echelon (AI)", "status": "Research and instrument development", "evidence_policy": { "physical_data": "Record units, intervals, origin, uncertainty and missing values.", "models": "Keep assumptions and synthetic data explicitly labelled.", "rights": "Identify contract, owner, obligor, jurisdiction and payment rule.", "decisions": "Keep approval, correction, transfer and retirement history.", "transaction_evidence": "No case-level transaction evidence is included in these public models." }, "sources": [ { "id": "S01", "publisher": "Efficiency Valuation Organization", "title": "IPMVP: measurement boundary and savings", "published": "Core Concepts 2022; web overview", "url": "https://evo-world.org/en/products-services-mainmenu-en/protocols/ipmvp", "locator": "Scope; Measurement boundary", "quote": "Energy savings in a facility cannot be directly measured because savings represent the absence of consumption or demand.", "use": "Agree the measurement boundary, baseline adjustments and verification plan before allocating a savings payment.", "limit": "A framework for measurement. A specific project still needs its own data and M&V plan.", "reviewed": "2026-09-11" }, { "id": "S02", "publisher": "Bank for International Settlements", "title": "The next-generation monetary and financial system", "published": "24 June 2025", "url": "https://www.bis.org/publ/arpdf/ar2025e3.htm", "locator": "Introduction", "quote": "the integration of messaging, reconciliation and asset transfer into a single, seamless operation", "use": "Keep the claim, transfer conditions and settlement record connected through the full lifecycle.", "limit": "A proposed financial architecture. It does not validate a SpaceBank instrument.", "reviewed": "2026-09-11" }, { "id": "S03", "publisher": "European Central Bank", "title": "From vision to delivery: building Europe’s tokenised financial market", "published": "26 August 2026", "url": "https://www.ecb.europa.eu/press/key/date/2026/html/ecb.sp260826~3641116314.en.html", "locator": "An integrated legal framework", "quote": "Advanced technology cannot compensate for fragmented law.", "use": "Document title, jurisdiction, servicing and settlement finality alongside the software rules.", "limit": "Pontes and Appia have distinct implementation plans. SpaceBank has no connection to these services asserted here.", "reviewed": "2026-09-11" }, { "id": "S04", "publisher": "European Investment Bank", "title": "Space TechEU financing announcement", "published": "26 November 2025", "url": "https://www.eib.org/en/press/all/2025-475-eib-launching-space-techeu-programme-to-scale-up-europe-s-space-sector", "locator": "Programme summary", "quote": "The EIB’s first dedicated financing facility for European space companies.", "use": "Study how technical assessment, credit lines and guarantees can support bank lending to space companies.", "limit": "The announcement describes expected €500 million EIB financing and €1.4 billion mobilised investment. These are programme ambitions, not SpaceBank funding.", "reviewed": "2026-09-11" }, { "id": "S05", "publisher": "Caltech", "title": "Space Solar Power Demonstrator transmits power in space", "published": "1 June 2023", "url": "https://www.caltech.edu/about/news/in-a-first-caltechs-space-solar-power-demonstrator-wirelessly-transmits-power-in-space", "locator": "MAPLE experiment; opening paragraphs", "quote": "beam detectable power to Earth", "use": "Separate a demonstrated physical result from a commercial delivery commitment. Record receiver location, delivered power, duration and losses.", "limit": "A research demonstration. This source establishes neither grid-scale delivery nor a contracted energy revenue stream.", "reviewed": "2026-09-11" }, { "id": "S06", "publisher": "UNIDROIT", "title": "Space Protocol to the Cape Town Convention", "published": "9 March 2012", "url": "https://www.unidroit.org/instruments/security-interests/space-protocol/", "locator": "Articles I and XXXVIII", "quote": null, "use": "Map the asset, obligor, rights assignment and enforcement questions before considering space collateral.", "limit": "Treat this as a legal research reference. Applicability, entry-into-force conditions and jurisdiction require case-specific review.", "reviewed": "2026-09-11" }, { "id": "S07", "publisher": "SpaceBank / Echelon", "title": "Origin: from reality to right", "published": "31 August 2026", "url": "https://spacebank.group/agents/origin", "locator": "From reality to right; Compact fundamental core", "quote": "Observation, calculation, hypothesis, engineering concept and verified result remain distinct states.", "use": "Retain data provenance, assumptions, authority and decision history when models or operators change.", "limit": "Project-authored architecture and history. Independent operating evidence is not supplied by this statement.", "internal": true, "reviewed": "2026-09-11" }, { "id": "S08", "publisher": "SpaceBank", "title": "Energy Tokenization architecture", "published": "31 August 2026", "url": "https://spacebank.group/agents/orbital-energy/tokenization", "locator": "Primitives; participation requirements", "quote": null, "use": "Keep energy, origin, flexibility, savings, capacity and receivables separate. Connect them only through explicit contracts.", "limit": "A project research framework. Market qualification and enforceability depend on the specific jurisdiction.", "internal": true, "reviewed": "2026-09-11" }, { "id": "S09", "publisher": "PayPal", "title": "PayPal, SETI Institute, Buzz Aldrin and Space Leaders Launch PayPal Galactic", "published": "27 June 2013", "url": "https://newsroom.paypal-corp.com/2013-06-27-PayPal-SETI-Institute-Buzz-Aldrin-and-Space-Leaders-Launch-PayPal-Galactic", "locator": "Launch announcement; questions for space commerce", "quote": "we won't be using cash in space", "use": "David Marcus’s statement frames an early research agenda for payments and banking beyond Earth. The programme also asked about fraud, regulation and customer support.", "limit": "A historical initiative. Its announcement does not establish an operating space payments service today.", "reviewed": "2026-09-11" }, { "id": "S10", "publisher": "Cahan, Marboe and Roedel / New Space", "title": "Outer Frontiers of Banking: Financing Space Explorers and Safeguarding Terrestrial Finance", "published": "1 December 2016", "url": "https://ucrisportal.univie.ac.at/en/publications/outer-frontiers-of-banking-financing-space-explorers-and-safeguar-2/", "locator": "University of Vienna publication record and abstract; New Space 4(4), 253–268; DOI 10.1089/space.2016.0010", "quote": "A space bank is described", "use": "Use the paper as a starting point for valuation, financing, insurance and legal research around space-borne assets.", "limit": "A published research proposal. It provides neither evidence of an operating bank nor membership of the SpaceBank working group.", "reviewed": "2026-09-11" }, { "id": "S11", "publisher": "J.P. Morgan", "title": "Blockchain in space: satellite value-transfer demonstration", "published": "March 2021 · public report", "url": "https://www.jpmorgan.com/technology/news/blockchain-in-space", "locator": "Bank technology report; official J.P. Morgan announcement of 15 March 2021", "quote": null, "use": "Study the requirements for machine transactions and continuity of financial records when infrastructure is in orbit.", "limit": "A technical experiment. Commercial service availability, settlement finality and participation in SpaceBank need separate evidence.", "supporting_url": "https://www.linkedin.com/posts/jpmorgan_onyx-by-jp-morgan-launches-blockchain-in-activity-6777264635981688833-SRkR", "reviewed": "2026-09-11" } ], "instruments": [ { "code": "SB-INS-001", "name": "Energy Delta Receivable", "category": "Energy Tokenization", "stage": "Structuring / Simulation", "origin": "Synthetic", "right": "A proposed contractual receivable from independently verified energy savings.", "object": "An illustrative efficiency intervention at a metered industrial site. No real site or issued security is represented.", "buyer": "Banks, infrastructure funds and specialist receivables investors.", "payment": "A named customer would owe an agreed share of verified monetary savings. The obligation would arise from a services or receivables agreement, not from token ownership alone.", "unit": "kWh avoided per defined interval; settlement in the contract currency.", "term": "Illustrative 12-month assessment; location and governing law remain case-specific.", "method": "Compare adjusted baseline consumption with measured consumption. Record weather, production and operating hours; subtract project costs and exclude previously allocated savings.", "test": "Synthetic scenario: baseline 1,000,000 kWh; observed consumption 880,000 kWh; energy value €0.10/kWh; allocation 60%; annual costs €2,000. Illustrative gross allocation €7,200 and net amount €5,200. Adverse: 60,000 kWh at €0.08 gives €880 net. Stress: no verified saving gives €0 payment and €2,000 unrecovered cost. These are arithmetic illustrations, not return forecasts.", "risks": [ "Baseline error and changes in production", "Meter or oracle failure; no claim issued until evidence is resolved", "Obligor default and disputed savings", "Price changes, transfer restrictions and termination", "Duplicate allocation of the same measured effect" ], "pack": [ "Illustrative scenario record", "Draft rights map", "Measurement and verification requirements" ], "evidence_status": "synthetic_model", "next_evidence": [ [ "Baseline", "Interval meter data, adjustment variables and an agreed baseline model." ], [ "Payment", "Named payer, tariff, allocation formula, costs and acceptance procedure." ], [ "Test", "Independent recomputation, missing-data scenario, dispute and default cases." ] ] }, { "code": "SB-INS-002", "name": "Capacity and Flexibility Package", "category": "Power-Based Securities", "stage": "Rights Layer", "origin": "Synthetic", "right": "A proposed contractual right to payment for availability and qualified response to dispatch.", "object": "An illustrative flexible load or storage installation. No operating asset is offered.", "buyer": "Banks, utilities, aggregators and infrastructure investors.", "payment": "A qualified counterparty would pay for reserved capacity and eligible delivery under a specified availability and dispatch agreement. Separate capacity payment from energy delivery and penalties.", "unit": "kW of available capacity; kWh delivered or shifted; response time and delivery interval.", "term": "Case-specific market, connection point, dispatch window and governing law.", "method": "Define baseline load, state of charge, response time, duration and rebound. Identify dispatch authority and prevent concurrent sale of incompatible obligations.", "test": "Scenario design: baseline = dispatch delivered within the agreed envelope; adverse = partial delivery and proportional adjustment; stress = unavailable resource and contractual penalties. No measured pilot or validated commercial test is claimed.", "risks": [ "Dispatch and telemetry failure", "Battery state, rebound and degradation", "Grid constraints and market qualification", "Penalty exposure and counterparty default", "Overlapping reservations and double counting" ], "pack": [ "Availability and dispatch rights map", "Scenario specification", "Telemetry and settlement requirements" ], "evidence_status": "synthetic_model", "next_evidence": [ [ "Resource", "Connection point, available kW, response time, duration and recovery limits." ], [ "Payment", "Eligibility rules, dispatch authority, availability fee and non-delivery penalties." ], [ "Test", "Dispatch trace, rebound, overlapping commitments and failed telemetry." ] ] }, { "code": "SB-INS-003", "name": "Active Depository Module", "category": "Custody and Depository", "stage": "Study", "origin": "Synthetic", "right": "Proposed rules for recording, conditionally holding and releasing energy-linked claims.", "object": "A research module connecting the improvement of an underlying asset with evidence, rights and reinvestment.", "buyer": "Banks, depositories, custodians and infrastructure operators.", "payment": "No standalone yield. Fees and any distribution of underlying cash flows would be defined in separate custody, servicing and asset contracts.", "unit": "Unique claim ID, underlying measurement interval and currency of the contractual payment.", "term": "Case-specific custody mandate, dispute procedure, termination and governing law.", "method": "Track the intervention, evidence and entitlement chain. Require independent approval before releasing a right. Record corrections, revocation, transfer and retirement without overwriting history.", "test": "Study scenarios: verified evidence allows conditional release; conflicting evidence places the claim on hold; failed measurement prevents release. A default or court restriction invokes a documented exception path. No licensed depository operation is represented.", "risks": [ "Custody and title ambiguity", "Oracle errors or compromised approvals", "Software exceptions and key management", "Insolvency, disputes and enforcement", "History loss and duplicate claim creation" ], "pack": [ "Conditional execution specification", "Claim lifecycle and exception map", "Declaration abstract" ], "evidence_status": "synthetic_model", "next_evidence": [ [ "Authority", "Who may recognise, hold, transfer, correct and retire each right." ], [ "Record", "Unique claim and source-period IDs, evidence version and allocation history." ], [ "Test", "Duplicate claim rejection, correction after transfer and disputed ownership." ] ] } ], "example": { "instrument": "SB-INS-001", "period": "illustrative year", "currency": "EUR", "data_status": "synthetic", "formula": "saving_kwh * energy_value_eur_per_kwh * allocation_share - annual_cost_eur", "baseline_kwh": 1000000, "observed_kwh": 880000, "adjustments_assumed_zero": true, "excluded": [ "CAPEX", "financing costs", "tax", "credit losses" ], "scenarios": [ { "name": "base", "saving_kwh": 120000, "energy_value_eur_per_kwh": 0.1, "allocation_share": 0.6, "annual_cost_eur": 2000, "net_eur": 5200 }, { "name": "adverse", "saving_kwh": 60000, "energy_value_eur_per_kwh": 0.08, "allocation_share": 0.6, "annual_cost_eur": 2000, "net_eur": 880 }, { "name": "no_verified_saving", "saving_kwh": 0, "energy_value_eur_per_kwh": 0.1, "allocation_share": 0.6, "annual_cost_eur": 2000, "net_eur": -2000 } ] } }