MSW & Mitsui Sumitomo Insurance reaches Agreement to utilize insurance for Hybrid Rocket Engine and Weldless Fuel Tank
10 Oct, 2024
Tokyo – October 10th, 2024 – MJOLNIR SPACEWORKS Inc. (“MSW”), developing mass produce of safe and low-cost hybrid engines, and Mitsui Sumitomo Insurance Co., Ltd. (“MSI”), a subsidiary of MS&AD Insurance Group Holdings, Inc. based in Tokyo, Japan, has reached an Agreement to unitize insurance system and drive forward risk management framework for the hybrid rocket engines and weldless fuel tanks being underdeveloped by MSW.
■ Contents of the Agreement
・Involving with any respective risk assessment and risk management arising from MSW business
・Involving with insurance system utilization that covers any inherent risks associated with MSW business and technologies
・Supporting and promoting the establishment of any possible business opportunities such as introducing potential customers, distributors and suppliers
■ The background of the Agreement
Holding a vision “Launch an era when going to space is as easy as riding a car”, MSW aims to achieve this goal by mass producing hybrid rocket engines just like cars in the near future.
As of today, although the small satellite market has been growing on a rapid speed and rocket launches has become certainly demanding, launch capacities are falling short with still a high cost and the industry is about to step into a launch crisis.
So as to fill that demand and solve this situation, MSW aims to accelerate the development of “Simple, Safe & Low-cost” hybrid rocket engine system and promote mass production environment of its rocket engine systems for rocket launchers in the world. Through initiating a strong collaboration with MSI to deal with any inherent risks arising from the rocket engine system development, MSW believes that MSW and MSI can contribute the problem-solving where space industry has been facing now.
■Comments from Viscor Tor, CEO of MSW
“We are very pleased to now be working together with MSI and through this collaboration to be able to include their vast experience in the difficult task of risk-evaluation and the improving the low-risk nature of our technology and other key fields.”
Mitsui Sumitomo Insurance Company, Limited
Company name: Mitsui Sumitomo Insurance Company, Limited
President: SHINICHIRO FUNABIKI
Founded: October 1918
Headquarter: 3-9 Surugadai, Kanda, Chiyoda-ku, TOKYO, JAPAN
URL: https://www.ms-ins.com/english/
URL (Specializing Space Insurance): https://www.ms-ins.com/special/space/
MJOLNIR SPACEWORKS Co., Ltd.
Company name: MJOLNIR SPACEWORKS Co., Ltd.
CEO: Viscor Tor
Founded: January 2020
Headquarter: #201 Noblesse SAPPORO, 3-1-1, Kita10-jonishi Kita-ku, Sapporo-shi, HOKKAIDO, JAPAN