Toyota, 3 Megabanks Invest 8 B. Yen to Support Space Industry

Economy

Tokyo, June 26 (Jiji Press)--Leading Japanese automaker Toyota Motor Corp. <7203> and the country's three megabanks have invested a total of 8 billion yen in a fund supporting startups engaged in space industry, it was learned Friday.

The three megabanks are MUFG Bank, Sumitomo Mitsui Banking Corp. and Mizuho Bank.

The fund aims to collect investments from more companies to secure about 15 billion yen in total by around December this year, according to informed sources.

A unit of investment company Sparx Group Co. <8739> established the fund to help increase Japan's competitiveness in the space industry, mainly through investments in startups engaged in space-related businesses, such as rocket development.

The Japan Aerospace Exploration Agency, or JAXA, is expected to cooperate in choosing companies to invest in.

[Copyright The Jiji Press, Ltd.]

Jiji Press