The history of Ny-Ålesund began in 1610, when coal deposits were discovered around Kongsfjorden. Not until the 1860s were they investigated more carefully. Ålesund-based Peter Brandal bought the claims in 1916 and established the company Kings Bay. The town, originally known as Brandal City and Kings Bay, was founded that summer when coal mining commenced. The first research installation, a geophysical station at Kvadehuken, was established in 1920. The mining was soon unprofitable and was kept running through state subsidies. In the mid-1920s the town was used for a series of airship expeditions towards the North Pole.