Lost Planet begins in the year of T.C. -80 where the Earth has become too hostile for human life. A company named NEVEC (Neo-Venus Construction) tries to start colonization on the planet E.D.N. III. Upon arriving on the planet, NEVEC discovers an alien race called Akrid and are forced off the planet, momentarily stopping colonization efforts. Returning to E.D.N. III with an army prepared to fight, they find that the Akrid contains an energy source called Thermal Energy (T-ENG) that is needed to survive on the planet. NEVEC builds the first Vital Suit (VS), powered by T-ENG, to fight the Akrid. Meanwhile, civilian colonists and E.D.N. III military personnel continue to seek out a nomadic existence as "snow pirates," harvesting T-ENG from fallen Akrid.