Toyota Motor Corporation (NYSE: TM) has released an update on the development status of its manned pressurized rover, nicknamed Lunar Cruiser, and Mitsubishi Heavy Industries Ltd.'s (OTC: MHVYF) LUPEX Rover, for the lunar polar exploration mission.
Toyota's Lunar Cruiser will be able to conduct crewed exploration activities on the surface of the moon.
Toyota said that part of these projects are led by the Japan Aerospace Exploration Agency (JAXA).
The company plans to use regenerative fuel cell technology to power the manned lunar rover, to eventually use the moon's water ice as an energy source, Reuters reported.
The report added that Toyota will utilize solar energy and water to produce hydrogen and oxygen through electrolysis during daylight hours and the fuel cells to supply electricity during the night.
"In order to conduct long-term and stable research on the surface of the moon, we are aiming to source various items on site over a long period," said Ken Yamashita, head of lunar exploration projects at Toyota, which has been highlighted in the Reuters report.
Price Action: TM shares are trading lower by 0.13% to $163.06 on the last check Friday.