Canon Electronics leads plunge among Space One consortium after failed launch

[Pelican Press 0]

Canon Electronics leads plunge among Space One consortium after ******* launch

Japan’s Canon Electronics shares fell as much as 12.7% on Wednesday after Tokyo-based Space One’s small rocket exploded just moments after its maiden launch.

Reuters reported the solid-fueled Kairos rocket blew up just seconds after lifting

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. If successful, Space One would have been Japan’s first company to put a satellite in orbit, according to Reuters.

Space One was set up in 2018 by a consortium of ********* companies including Canon Electronics, IHI Aerospace and construction firm Shimizu, along with the government-owned Development Bank of Japan. Mitsubishi UFJ and Mizuho Financial Group, two of Japan’s biggest banks, also own ********* stakes in Space One.

Space One’s shareholder companies fell after the ******* launch. IHI and Shimizu fell about 1%, while the banks edged lower. Japan’s broader Topix index shed 0.5% in midday trading.

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, which was initially scheduled for Saturday.

Space One has not disclosed launch costs, Reuters reported, adding that an executive previously said the company is “competitive enough” against ********* rival Rocket Lab.

Since 2017, Rocket Lab has launched more than 40 of its “Electron” small rockets from New Zealand.

— CNBC’s Michael Sheetz contributed to this story.

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Space industry,Aerospace and defense industry,Asia Economy,Asia News,Stock markets,Forex markets,South Asia,East Asia,Shimizu Corp,Mitsubishi UFJ Financial Group Inc,Mizuho Financial Group Inc,IHI Corp,Rocket Lab USA Inc,Canon Electronics Inc,business news
#Canon #Electronics #leads #plunge #among #Space #consortium #******* #launch

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