updated 5/29/2013 1:50:00 PM ET 2013-05-29T17:50:00

Update: The news is out. Read our latest on Planetary Resources' plan here: Asteroid Miners to Launch World's 1st Crowdfunded Space Telescope

A private asteroid mining company will announce a new plan to help humanity explore the universe today (May 29) and you can watch it live.

At 1 p.m. EDT (1700 GMT), Planetary Resources will host a live streamed event that will "announce an unprecedented project that will change the way humanity explores the cosmos," according to a news announcement from the company.

You can  watch the announcement live here on beginning at 1 p.m. EDT (1700 GMT).

Planetary Resources representatives Peter Diamandis, Eric Anderson and Chris Lewicki will take part in the event from Seattle, Wash. They will be joined by video blogger Hank Green.

According to the news release, the program being unveiled by the company today:

  • Gives students, teachers and the public access to the most innovative space observation technology ever built — This technology would have cost [more than $1 million] to build and launch less than a decade ago; and today, it will be controlled by students around the world to explore the cosmos.
  • Offers the opportunity for the public to directly participate in cutting-edge citizen science and discovery — Delivers a resource to thousands of institutions and researchers in need of greater access to space to further their work and rate of scientific discovery.
  • Invites the public to participate in Planetary Resources’ asteroid mining mission — Anyone with an interest in space can play a role in opening up the solar system for human activity.

Planetary Resources is financially backed by Google's Larry Page and Eric Schmidt among others. In 2014, the company is planning to launch a set of small cubesat satellites to orbit Earth. Officials from the company eventually hope to launch robotic missions that are designed to mine raw materials from commercially viable asteroids in the solar system.

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