Japan’s Synspective raises $100m; NZ Super, CIP form wind energy venture

Japanese space startup Synspective has raised $100 million in a Series B round. Elsewhere in Asia, The NZ Super Fund and Copenhagen Infrastructure Partners (CIP) have formed a partnership to explore the potential for large-scale offshore wind energy off the coast of New Zealand.

Japanese space startup Synspective raises $100m

Synspective Inc., a Japan-based SAR satellite data and solutions provider, has raised $100 million (11.9 billion yen) in a Series B funding round, according to an announcement.

The latest funding was led by Sompo Japan Insurance Inc, Nomura SPARX Investment, and Pavilion Capital, besides bank loans, the statement said. The startup’s total funding so far stands at $200 million.

Synspective Inc. develops and operates high-frequency, high-resolution SAR (Synthetic Aperture Radar) satellites to provide data analytics and solution services. The firm aims to establish a constellation of 30 SAR satellites by around 2026, that enable wide-area, high-frequency earth observation.

Synspective will use the new capital for the development, manufacturing, launch and operation of SAR satellites, preparation of mass production facilities, development of satellite data solutions, and global expansion with the aim of further business growth, it said.

In December last year, Japanese space startup Space BD had raised 1.04 billion yen ($9.1 million). The funds were raised through a third-party allotment of new shares to existing shareholders including Incubate Fund, Anniversaire Holdings, SMBC Venture Capital, Mizuho Capital, and new shareholder Pavilion Capital — a wholly-owned unit of Singapore state investment company Temasek Holdings.

Another Japanese space startup Astroscale Holdings Inc. had raised $109 million in a new Series F round of financing in October 2020.

NZ Super, CIP form offshore wind energy venture

The NZ Super Fund and Copenhagen Infrastructure Partners (CIP) will partner to explore the potential for large-scale offshore wind energy off the coast of New Zealand, according to an announcement.

A newly-established, jointly-held company will manage the feasibility study and development of the project in South Taranaki Bight, a large bay on the west coast.

CIP’s investment in the project is part of a broader project development pipeline for CIP’s upcoming flagship fund ‘CI V’.

This project will be CIP’s first investment in Aotearoa New Zealand and follows the NZ Super Fund’s NZD208 million ($144 million) commitment to CIP’s new Energy Transition Fund (CI ETF I) last year.

The partners believe the project could later expand to 2GW, helping to meet strong projected growth in demand for electricity in New Zealand.

CIP and NZ Super Fund are in the early stages of project feasibility evaluation, which includes wind resource measurement, designing detailed environmental impact assessments with the support of local communities and experts, and examining industry potential and training needs for the Taranaki region.

CIP manages nine funds and has approximately 16 billion euros ($17 billion) in assets under management. It is focused on investments in energy infrastructure.

NZ Super Fund has assets under management of NZD58 billion ($40 billion).