Letara Raises ¥2.6bn for Hybrid Rocket Engines
Letara, a Hokkaido University spinout, has raised approximately ¥2.6bn (roughly $16mn) for hybrid rocket engines that utilize plastic as fuel and are not classified as explosives under the law. Germany’s HyImpulse secured €45mn for a similar approach last October.
A Japanese Startup’s Innovative Rocket Engines
A Japanese startup has successfully raised $16mn to develop rocket engines that burn plastic. Letara, a Hokkaido University spinout, closed a round led by Headline Asia, JIC Venture Growth Investments, and Incubate Fund, attracting a diverse group of institutional investors, including Japanese banks, insurers, and the car parts company Toyoda Gosei.
The Technology Behind the Engines
The hybrid engines keep solid fuel and liquid oxidizer separate, avoiding explosive classifications. This allows for safer storage, shipping, and handling. While the concept is not new, Letara claims to have overcome historical challenges regarding stable ignition and thrust comparable to conventional engines through its patented ignition system and fuel design.
Commercial Applications
Letara has miniaturized the engines for small satellites and plans to scale up for launch vehicles. They have secured orders from rocket and satellite manufacturers and the Japanese government, highlighting a growing market interest.
Global Competition and Funding Trends
Europe is leading in this technology, with HyImpulse raising €45mn last October. Other notable players include Interstellar Technologies in Japan, Galactic Energy in China, InnoSpace in South Korea, Equatorial Space in Singapore, and Gilmour Space in Australia.
The hybrid propulsion market is projected to grow from $848mn in 2024 to $2.6bn by 2032, attracting significant investment as European private space funding surpasses the United States for the first time.
By Ana-Maria Stanciuc, Editor-in-Chief at TNW