Andrzej Jeziorski /SINGAPORE
The Taiwanese Ministry of Finance has given several Taiwanese banks the green light to invest in the Kistler Aerospace K-1 reusable launch vehicle.
The ministry is understood to support the plan primarily because of commitments made by Kistler to offer parts supply contracts to Taiwanese firms and to transfer technology when its partners pledge $50 million to the programme.
According to local press reports, Kistler has agreed to transfer technology and to set up a joint venture with Taiwan.
Taiwanese banks have invested in the project, and the local press has reported that Kistler hopes to raise a further $50-200 million in Taiwan this year.
The government-run Chiao Tung Bank is understood to be ready to invest $8 million in the project, while others, including First Commercial Bank, International Commercial Bank of China and the United World Chinese Commercial Bank, will each invest from $6 million upwards. The Shin Kong Group has reportedly decided to pump $50 million into the project, while, in mid-May, Taiwan's China Development Industrial Bank received board approval to invest $8 million. The bank says its board agreed to back the two-stage-to-orbit vehicle once Kistler raises $142 million in the USA and Taiwan.
Kistler, based in Kirkland, Washington, needs $750 million to build five K-1 vehicles and two spaceports. According to Kistler chief executive George Mueller, the company has secured $450 million in funding.
Kistler had initially hoped to carry out the firs t flight of a K-1 last year, but funding difficulties delayed this.
The vehicle's maiden flight is scheduled for next year. The US company has gained approval to build the world's first commercial spaceport at Woomera, Australia, for the launch.
Source: Flight International
