Author: Tronserve admin
Friday 30th July 2021 12:25 AM
Toyota, 3 Major Banks Invest 8 Bil. Yen In Fund For Space Industry
TOKYO (Kyodo) -- Toyota Motor Corp. and three major Japanese banks said Monday they have invested 8.2 billion yen ($76 million) in a fund set up to support the space industry.
The automaker, MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corp. made the contribution to the Space Frontier Fund established by a subsidiary of investment firm Sparx Group Co, the five firms said in a joint statement. MUFG Bank is the banking unit of Mitsubishi UFJ Financial Group Inc. "The Fund primarily aims to support human resources and technology development in space-related industries, to foster Japanese space companies that are competitive on the world stage and to contribute to technological innovation throughout Japan," the statement said.
The fund is inviting other investors to increase its scale to 15 billion yen by the end of the year. Financial support in the industry has been a sticking point when launching a new business project given the long time needed before it may turn profitable and the risks of failure. The carmaker has also been pushing space development on its own, partnering with the Japan Aerospace Exploration Agency to jointly research and develop a rover using fuel cell power to be sent to the Moon in 2029.