Toyota has announced that it is investing in space technology through the SPARX Innovation Fund, the car maker has said that it is one of the first partners in the new Space Frontier Fund.
The fund is looking to raise 15 billion yen (more than £113 million) for space technology and has already raised eight billion yen (more than £60 million).
SPARX Innovation for the Future Co., Ltd. (SIF)―a subsidiary of SPARX Group Co., Ltd. (SPARX; TSE1: 8739)―today announced that it established the Space Frontier Fund. The Fund primarily aims to support human resources and technology development in space-related industries, to foster Japanese space companies that are competitive on the world stage, and to contribute to technological innovation throughout Japan.
Casting technologies that “promote the exploitation of space” as core technologies of the future, the Space Frontier Fund invests in start-ups and other organizations that boast innovative technologies in related sectors. Even as COVID-19 continues to have a significant impact on life and society, the Fund helps accelerate the pace of innovation by financing companies’ and projects’ business development in technologies that will drive future growth.
You can find out more details about Toyota’s plans for space technology over at their website at the link below.