Rocket engine developer MJOLNIR SPACEWORKS (MSW) announced on May 29 that it had secured up to ¥1.7 billion (approximately $11 million) in a Series B funding round, comprising ¥1.2 billion in equity and ¥500 million in debt.
Founded in 2020, MSW draws on research by Professor Harunori Nagata of Hokkaido University and is headquartered in Sapporo, Hokkaido, with an office in Tokyo and a laboratory in Kawasaki, Kanagawa.
Could waste plastic become a future fuel source?
MSW develops two core products: a hybrid rocket engine and a weldless tank.
The hybrid rocket engine burns plastic fuel in combination with liquid oxygen to generate thrust. Plastic-fueled engines have historically struggled to produce sufficient thrust, but Professor Nagata developed a novel fuel geometry that overcomes this limitation.
MSW has specified the plastic it uses as HDPE. HDPE is a plastic widely used in everyday packaging and piping. While MSW has made no explicit mention of waste plastic, these characteristics raise the possibility that the company may be considering, down the line, methods to process waste plastic into pellets suitable for rocket engine use.
The weldless tank, the company’s second product, is designed to achieve high quality and shorter lead times by eliminating welding from the manufacturing process.
Z Venture Capital among investors
The equity portion of the Series B round drew participation from multiple venture capital firms, including Z Venture Capital, the corporate venture capital arm of the LY Corporation (LINEYahoo) group. The debt portion was provided by Shoko Chukin Bank.
The proceeds will be used for research and development of the hybrid rocket engine and to hire additional personnel.
“With the valuable funds we have raised and secured, we will redouble our efforts toward our goal of mass-producing rockets, rocket engines, and tanks to make space accessible to everyone, and supporting the space industry through a stable supply of components,” said Kazuo Yonekura, CEO of MSW.
