Hokkaido, Japan, Feb 2024 – SPACE COTAN Co., Ltd., which develops and operates “Hokkaido Spaceport” ( hereinafter referred to as “HOSPO”）, a commercial spaceport open to the private sector in Asia, announces that SPACE COTAN has been selected as the first project supported by the `Mitsui & Co. Co-Creation Fund`.
SPACE COTAN proposed and was selected by the Fund to promote private sector rocket development and contribute to the global space industry through the HOSPO project.
The allocated funding for the project is 100 million JPY over a three-year period from January 2024 to December 2026. Based on the customer’s launch needs at HOSPO, SPACE COTAN will use the grants to support the launch of suborbital launch by private companies and universities, and to improve the launch site facilities.
Many launch vehicle manufacturers and universities are planning to experiment with suborbital launches, capable of reaching 100 km into space, as a first step in the development of future orbital launch vehicles. However, there is a lack of experimental launch sites in Japan where the private sector and universities can launch suborbital rockets, which is one of bottleneck in the development of the space industry.
SPACE COTAN, through co-creation with Mitsui & Co, Ltd, which has extensive knowledge of the space business and strength as a general trading company, aims to solve the problem of insufficient launch site for suborbital rockets by the private sector and universities, and to increase the number of satellite launch vehicles in the future.
Through, SPACE COTAN aims to increase satellite launch and solve various social problems (greenhouse gas measurement, disaster response, correction of communication gaps, etc.) by utilising satellite data and communications. At the same time, we contribute to the promotion of the private space industry in Japan and around the world, and to lay the foundations for solving social problems in a wider range of regions.
Overview of `Mitsui & Co. Co-Creation Fund`.
`The Mitsui & Co. Co-Creation Fund” was established in March 2023 as a social contribution programme to replace `The Mitsui & Co. Environment Fund” established in 2005.
It aims to support activities that create pathways to solutions to social issues by combining the knowledge of both issue finders (NPOs, researchers, social entrepreneurs, etc. who identify social issues and work to solve them) and Mitsui, which has a wide range of business experience around the world.
＜Summery of adoption ＞
- Title ：Development of an experimental launch site for private sectors.
- Grant period ：January 2024 to December 2026, three years
- Grant amount : 100 million JPY over three years
- Purpose : To support the launch of suborbital rockets by the private sector and universities, and to develop launch site facilities.
- Website : https://www.mitsui.com/jp/en/sustainability/contribution/co-creation_fund/index.html
Comment from Yoshinori Odagiri , SPACE COTAN Co., Ltd. CEO
「We are delighted to have been selected for the Mitsui & Co. Co Creation Fund. Spaceport supports the space industry as an essential infrastructure for the development and business of space transportation. At HOSPO, construction of the LC-1 orbital launch complex is already underway. On the other hand, customers need an experimental environment for the development of suborbital launches as an early stage of rocket development. By using this fund and working with Mitsui & Co., we will accelerate the HOSPO project and create a core space business hub in Asia.」
About MITSUI & CO., LTD.
- Representative : Kenichi HORI, President and Chief Executive Officer
- Location : 2-1, Otemachi 1-chome, Chiyoda-ku, Tokyo 100-8631, Japan
- Business Overview: Utilizing our global operating locations, network and information resources, we are multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Mineral & Metal Resources, Energy, Infrastructure Projects, Mobility, Chemicals, Iron & Steel Products, Food, Food & Retail Management, Wellness, IT & Communication Business, Corporate Development Business.
- Website ：https://www.mitsui.com/jp/ja/