[ispace Co., Ltd.] ispace raises a total of 7 billion yen through borrowing from Sumitomo Mitsui Banking Corporation
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Press release: April 24, 2024
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ispace raises a total of 7 billion yen through borrowing from Sumitomo Mitsui Banking Corporation
ispace Co., Ltd. (Chuo-ku, Tokyo, CEO: Takeshi Hakamada, hereinafter referred to as ispace) has raised a total of 7 billion yen in bank loans from Sumitomo Mitsui Banking Corporation as working capital for the development and operation of Mission 3 and Mission 6. We would like to inform you that we will do so.
As outlined below, the Company will execute short-term and long-term borrowings totaling 7 billion yen on Tuesday, April 30, 2024, and will carry out Mission 3, scheduled for launch in 2026, and Mission 3, scheduled for launch in 2027. We will raise working capital related to the development and operation of Mission 6.
A portion of this loan will be refinanced in conjunction with the repayment of the existing loan from the bank. Furthermore, of the 7 billion yen, we are currently discussing with financial institutions how to turn short-term borrowings (bridge loans) into permanent loans upon expiration of the term, and we will notify you as soon as a decision is made.
In order to accelerate the quality improvement cycle of technology for lunar surface development and focus on capturing market demand that is expected to expand, we will continue to utilize various financing methods to expand cash on hand and strengthen our financial base. We will further improve stability.
■Summary of borrowing funds
(1) Short-term borrowings (bridge loans)
1. Borrower Sumitomo Mitsui Banking Corporation
2. Borrowing amount 5 billion yen
3. Borrowing interest rate Floating interest rate (base interest rate + spread) 4. Borrowing date April 30, 2024
5. Loan period 3 months
6. Repayment method Lump-sum repayment on due date
7. No collateral/no guarantees No collateral/no guarantees
(2) Long-term debt
1. Borrower Sumitomo Mitsui Banking Corporation
2. Borrowing amount 2 billion yen
3. Borrowing interest rate Floating interest rate (base interest rate + spread) 4. Borrowing date April 30, 2024
5. Loan period 3 years
6. Repayment method Lump-sum repayment on due date
7. No collateral/no guarantees No collateral/no guarantees
■Overview of existing loan repayments
1. Borrower Sumitomo Mitsui Banking Corporation
2. Borrowing amount: 3 billion yen
3. Borrowing interest rate Floating interest rate (base interest rate + spread) 4. Borrowing date August 31, 2023
5. Scheduled repayment date April 30, 2024
■ * About ispace Co., Ltd. (* * https://ispace-inc.com/jpn/)* “Expand our planet. Expand our future.
A space startup company that is working on the development of resources on the moon, with the vision of “Expanding humanity’s living space into space and creating a sustainable world.” It operates from three locations in Japan, Luxembourg, and the United States, and currently has approximately 300 staff members. Founded in 2010, Google He managed “HAKUTO,” one of the five teams that made it to the final selection of the Lunar XPRIZE race.
Developed a small lander (lunar lander) with the aim of providing high-frequency, low-cost transportation services to the moon, and a rover (lunar surface rover) for lunar exploration. Aiming to become a gateway for private companies to do business on the moon, we will also launch a lunar data business concept to support entry into the lunar market. On December 11, 2022
SpaceX Falcon
9 was used to complete the launch of the company’s first Mission 1 lander. Subsequently, Mission 2 is scheduled to launch in the winter of 2024 [i], Mission 3 in 2026 [ii], and Mission 6 in 2027 [iii]. The purpose of Mission 1 is to verify the lander design and
technology, as well as to verify and strengthen the business model of providing lunar surface transportation services and lunar surface data services, and to achieve Success 8 of the 10 Mission 1 milestones. During Success9, we succeeded in acquiring valuable data and know-how for realizing a lunar landing mission, including data during the landing sequence. The data and know-how obtained in Mission 1 will be fed back to the subsequent Mission 2. In addition, Mission 3 plans to contribute to NASA’s Artemis program by providing more precise lunar surface transportation services.
[i] Assumptions as of April 2024
[ii] Assumptions as of April 2024
[iii] Assumptions as of April 2024
*About this release details*
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