(Reuters) – Japan-based space infrastructure company Interstellar Technologies said on Tuesday that it has reached a strategic capital and business partnership with a Toyota Motor Corp unit.
Woven by Toyota, Toyota’s autonomous driving technology unit, will invest about 7 billion Japanese yen ($44.42 million) in Interstellar by the first close of its Series F funding as the lead investor.
Additional funding is expected in the second close.
As part of the partnership, Woven by Toyota will also appoint a director to Interstellar’s board.
The Hokkaido-based company said it “aims to leverage automotive industry expertise, including Toyota’s production methods, to transition rocket manufacturing into a high-quality, cost-effective, and scalable process.”
Interstellar Technologies became the first Japanese firm to send a rocket into space without a satellite payload in 2019. However, its orbital launcher Zero remains under development.
($1 = 157.6000 yen)
(Reporting by Juby Babu in Mexico City; Editing by Tasim Zahid)
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