Tokyo, Japan – July 6, 2023 – Real Tech Fund*, managed by Real Tech Holdings Corporation (Sumida-ku, Tokyo, CEO: Akihiko Nagata, Yukihiro Maru), is proud to announce its recent investment in MJOLNIR SPACEWORKS Inc. The funds raised will be utilized by MJOLNIR SPACEWORKS to develop a hybrid rocket engine system and conduct ground-based combustion tests, with the ultimate goal of achieving mass production of low-cost and safe engines.

Addressing the Expanding Small Satellite Market and intensifying Rocket Shortage

The market for small satellites, catering to communication, ground observation, and various other applications, has experienced significant growth in recent years. Consequently, the demand for satellite launches using rockets has surged. However, the current number of rocket launches is insufficient to meet this demand, resulting in high launch costs.

Resolving the Space Industry Bottleneck through Mass Production

To overcome this challenge within the space industry, it is imperative to substantially increase rocket production whilst reducing cost. Unfortunately, mass production and cost reduction of rocket engines pose significant difficulties, with no apparent solutions currently available in the market..

MJOLNIR SPACEWORKS aims to tackle this bottleneck by developing inexpensive and safe hybrid rocket engine systems. Unlike liquid rocket engines, which have complex structures and hinder mass production, MJOLNIR SPACEWORKS has developed a proprietary hybrid rocket engine with a simple structure that does not rely on explosives as fuel. This makes it highly suitable for mass production at a reduced cost.

While previous hybrid rocket engines faced limitations in generating large thrust, MJOLNIR SPACEWORKS has already successfully conducted an initial ground firing test of a 40kN-class engine, the largest hybrid engine in Japan. Additionally, the company has achieved cost reduction in the propellant tank, a significant component of a rocket’s cost structure, and has commenced standalone sales of the tank.

Leveraging these proprietary technologies, MJOLNIR SPACEWORKS intends to mass-produce affordable and safe rocket engine systems. These systems will be supplied to rocket development companies worldwide, thereby expediting their rocket development initiatives and contributing to the global advancement of space utilization.

Funds Allocation for Engine Development and Ground Combustion Tests

With the secured funding and competitive grants, MJOLNIR SPACEWORKS plans to bolster its development capabilities and pursue commercialization of the hybrid rocket engine by the end of this year. Furthermore, the company aims to conduct a flight test in 2024.

Comment from the Real Tech Fund Representative (Mizuki Komasa, Growth Manager at Real Tech Fund)

“I met with the members of MJOLNIR SPACEWORKS in June 2021 and was astounded by their exceptional technological capabilities and visionary approach. Since then, we have extensively discussed the business plan and made necessary preparations. We are delighted to finally invest in this project. Real Tech Fund remains committed to supporting MJOLNIR SPACEWORKS, firmly believing in their ability to address industry bottlenecks through the mass production of innovative hybrid rocket engines. By accelerating space utilization, we anticipate making significant contributions towards resolving societal challenges.

About MJOLNIR SPACEWORKS Co.

Established in January 2020, MJOLNIR SPACEWORKS Co. is located at Hokkaido University Cooperative Entrepreneurship Development Facility 207, Kita 21 Nishi 12-2, Sapporo, Hokkaido. Led by Viscor Tor, the companyspecializes in the design, manufacture, and sales of hybrid rocket engine systems. For more information, please visit their official website at https://www.mjolnir-sw.com.

*Official name: “Real Tech Fund No. 3 Investment Limited Partnership (commonly known as “Glocal Deep Tech Fund”)

■About Real Tech Fund

A venture capital fund that invests in and fosters startups (real-tech ventures) with innovative technologies that contribute to solving issues facing the earth and humanity. Working closely with governments, companies, and local governments in Japan and abroad, the Fund provides full hands-on support to maximize and accelerate the social implementation of technology. To date, we have managed more than 20 billion yen and invested in more than 90 startups in Japan and abroad. In 2021, we established Japan’s first impact investment fund to invest in the deep tech domain.

■About Real Tech Holdings

Real Tech Holdings is a joint venture between Euglena Co., Ltd. and Leave a Nest founded with the aim of implementing innovative technologies (real tech) that contribute to solving issues facing the Earth and humanity. The company conducts businesses such as investment and development by leveraging the expertise of Euglena, which has overcome many difficulties as an R&D startup, and Leave a Nest , which provides comprehensive support from research to the social implementation of technology.

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