Toyota, MUFG Bank, Others Form Space Fund

Economy

Tokyo, June 29 (Jiji Press)--Toyota Motor Corp. <7203> and Japan's three megabanks said Monday that they have invested in a fund supporting space development startups and projects.

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

The size of the fund, Space Frontier Investment Limited Partnership, which was created by a subsidiary of investment company Sparx Group Co. <8739>, is planned to be expanded from the current 8.2 billion yen to 15 billion yen by the end of December through investment from other parties.

The fund, invested by a total of six companies including the Sparx unit, began operations in June. Their respective investment amounts have not been disclosed.

It aims to help strengthen Japan's competitiveness in the space industry, mainly through investments in startups engaged in space-related businesses, such as rocket development.

[Copyright The Jiji Press, Ltd.]

Jiji Press