First Loan from Japan Finance Corporation to Publicly Traded Space-Related Company
TOKYO – December 13, 2024–ispace, inc. (ispace) (TOKYO: 9348), a global lunar exploration company, announced today that its Board of Directors has approved a ¥900 million yen subordinated loan from the Japan Finance Corporation (JFC). The loan is a 10-year long-term loan, and is the first loan ever provided by JFC to a listed space-related company in Japan.
“We are very pleased to work with the Japan Finance Corporation in order to receive the funding, which will support future missions and operations,” said Jumpei Nozaki, CFO and Executive Business Director. “Since the company’s founding, we have been striving to develop our vision of the cislunar economy. This new funding will help us take further steps forward and drive us toward our goal.”
ispace is developing multiple missions at the same time, and this subordinated loan financing will enable the company to secure long-term liquidity at a low cost and distribute the proceeds to investments for growth, as the interest rate will be based on performance and the length of the loan is for 10 years. In addition, the amount of the borrowing can be considered as equity capital in the financial institution’s assessment of the assets. This will substantially strengthen the company’s financial position without diluting the company’s equity.
Overview of New Financing
ispace is leveraging its global presence through its three business units in Japan, the U.S., and Luxembourg, for the simultaneous development of upcoming missions. Mission 2, featuring the RESILIENCE lunar lander and TENACIOUS micro rover, is led by ispace Japan and is now scheduled for launch no earlier than January 2025. Mission 3, debuting the APEX 1.0 lunar lander, is led by ispace-U.S. and is expected to launch in 2026. Mission 6, which will utilize the Series 3 lander, currently being designed in Japan, is scheduled to be launched by 2027.
About ispace, inc. (https://ispace-inc.com)
ispace, a global lunar resource development company with the vision, “Expand our planet. Expand our future.”, specializes in designing and building lunar landers and rovers. ispace aims to extend the sphere of human life into space and create a sustainable world by providing high-frequency, low-cost transportation services to the Moon. The company has business entities in Japan, Luxembourg, and the United States with more than 300 employees worldwide. For more information, visit: www.ispace-inc.com and follow us on X: @ispace_inc.