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Toyota’s mobility subsidiary will invest $44.3 million in the Japanese rocket company.
Interstellar Technologies (IST) is set to receive Toyota’s multimillion-dollar investment in Woven by “by the first close” of its Series F fundraising, the rocket company announced on Tuesday. He also announced a “business alliance” with Toyota.
IST said it “aims to leverage expertise in the automotive industry, including Toyota production methodsfor the transition of rocket production into a high-quality, cost-effective and scalable process.”
The Toyota logo is shown in Brussels on March 4, 2024. (REUTERS/Yves Herman/File Photo/Reuters Photos)
“We are excited to work with Interstellar Technologies on the mass production of rockets,” said Woven by Toyota CEO Hajime Kumabe. “This business alliance will leverage the Toyota Group’s extensive manufacturing capabilities and combine our expertise to advance rocket manufacturing and further drive the mobility transformation.”
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As part of the capital and business tie-up, Woven will appoint a director to IST’s board of directors and support rocket production by strengthening supply chains and corporate governance, IST said in a statement.
The announcement follows Toyota president Aki Toyoda’s speech at the CES show in Las Vegas on Monday, when he gave an update on the company’s experimental Woven City project, which has been announced for 2020.
“The future of mobility shouldn’t be limited to just Earth or just one car company,” Toyoda said. “Speaking of the sky, we’re also exploring rockets.”
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Satkano with Toyota’s investment is not the first time that Toyota and Interstellar have collaborated. The companies are conducting a “staff exchange” from 2020, the rocket startup said.
The announcement followed Toyota chairman Aki Toyoda’s speech at the CES trade show in Las Vegas on Monday. (Piotr Swat/SOPA Images/LightRocket via Getty Images/Getty Images)
In its announcement Tuesday of a planned $44.3 million investment, Interstellar noted that the Japanese government wants to achieve about 30 rocket launches annually “until the early 2030s” to “meet growing launch demand at home and abroad.”
Three rockets were launched in Japan last year, according to Interstellar.
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The rocket company said in August that it was its own Series E fundraising efforts it brought him ¥3.1 billion in funding. That round included the allocation of a third-party stake, according to a press release at the time.
Reuters contributed to this report.
