Japan’s Canon Electronics Shares of Tokyo-based Space One fell 12.7% on Wednesday after a small rocket exploded shortly after its first launch.
Reuters reports that the solid-fuel Kairos rocket exploded seconds after liftoff Closes at 11:01 AM Japan time. If successful, Space One will become the first Japanese company to put a satellite into orbit, Reuters reported.
Space One was launched in 2018 by Canon Electronics, IHI Aerospace and construction companies clear waterand the government-owned Development Bank of Japan. Mitsubishi UFJ and Mizuho Financial GroupJapan’s two largest banks also own minority stakes in Space One.
Space One shareholder companies fell after the launch failure. IHI and Shimizu fell about 1%, while banks edged lower. Japan’s broader Topix index fell 0.5% in midday trading.
Space One launch delayedoriginally scheduled to take place on Saturday.
Space One has not yet disclosed launch costs, Reuters reported, adding that an executive had previously said the company was “sufficiently competitive” with U.S. rivals. rocket lab.
Since 2017, Rocket Lab has launched more than 40 “Electron” small rockets from New Zealand.
—CNBC’s Michael Sheetz contributed to this article.
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