Letara raises ¥2.6bn for hybrid rocket engines the law does not call explosive

Letara, a Hokkaido University spinout, raised ¥2.6 billion ($16 million) from Headline Asia, JIC Venture Growth Investments, Incubate Fund, Japanese banks, insurers and Toyoda Gosei. Its patented hybrid rocket engine uses plastic fuel and liquid oxidiser, delivering ignition stability and thrust comparable to solid and liquid bipropellant systems. The firm has orders from rocket and satellite manufacturers and the Japanese government, and will conduct an orbital firing test with an overseas partner to validate the technology.