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Toyota's mobility subsidiary will invest $44.3 million in the Japanese rocket company.
Rocket company Interstellar Technologies (IST) will receive Toyota's multi-million dollar investment “by the first close” of its Series F financing, the rocket company announced Tuesday. The company also announced a “business partnership” with Toyota Motor Corporation.
IST said it aims to “leverage automotive industry expertise, including Toyota's production methods, to move rocket manufacturing to a high-quality, cost-effective, and scalable process.”
Toyota logo photographed in Brussels on March 4, 2024. (Reuters/Eve Herman/File Photo/Reuters Photo)
Woven by Toyota CEO Hajime Kumabe said, “We are excited to be working with Interstellar Technologies on mass production of the rocket.” “Through this business partnership, we will leverage the Toyota Group's extensive manufacturing capabilities and combine our expertise to advance rocket production and further drive mobility transformation.”
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IST announced in a statement that as part of the capital and business partnership, Woven will appoint a director to IST's board of directors and support rocket production by strengthening its supply chain and corporate governance.
The announcement came after Toyota Chairman Akio Toyoda gave an update on the company's experimental Woven City project announced in 2020 at the CES trade show in Las Vegas on Monday. Ta.
Mr. Toyoda said, “The future of mobility should not be limited to the earth or to one car company.'' “Speaking of the sky, I am also researching rockets.”
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The Toyota investment isn't the first time Toyota and Interstellar have collaborated. According to the rocket startup, the two companies have been conducting “personnel exchanges” since 2020.
The announcement came after Toyota Chairman Akio Toyoda spoke at the CES trade show in Las Vegas on Monday. (Piotr Swat/SOPA Images/LightRocket via Getty Images / Getty Images)
Interstellar, which announced a $44.3 million investment plan on Tuesday, said the Japanese government wants to achieve around 30 rocket launches a year “by the early 2030s” to “meet the growing demand for launches at home and abroad.” He said that
According to Interstellar, three rockets were launched in Japan last year.
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In August, the rocket company announced that it had raised 3.1 billion yen in Series E funding efforts. The round included a third-party allotment of shares, according to a press release at the time.
Reuters contributed to this report.
