Marubeni Invests in Rocket Startup
Tokyo, Nov. 11 (Jiji Press)--Major Japanese trading house Marubeni Corp. <8002> said Monday it has invested several hundred millions of yen in Interstellar Technologies Inc., a startup developing small rockets.
Marubeni became a major shareholder of Interstellar, based in the town of Taiki, Hokkaido, northernmost Japan, on Nov. 1. The size of equity stake Marubeni acquired was not disclosed.
Founded by high-profile entrepreneur Takafumi Horie, Interstellar successfully launched the small observation rocket Momo, the first such rocket developed solely by a private company in Japan, in May this year.
Interstellar is also developing a rocket named Zero, designed to send small satellites to space.
Marubeni concluded that the successful launch of the Momo raised business opportunities for Interstellar. The two companies concluded a business tie-up in 2016.
[Copyright The Jiji Press, Ltd.]