Japan is planning to launch its new light-class Epsilon carrier rocket in summer 2013, national space agency JAXA said.

JAXA's goal is to have an inexpensive rocket to launch compact low-cost satellites into orbit.

It will replace the M-5 rocket, a similar vehicle that carried out seven successful space missions between 1997 and 2006.

The three-stage solid-fuel launcher is designed to lift more than 2,600 pounds to low Earth orbit. The M-5 rocket could haul about 4,000 pounds to a similar orbit.

However, the launch of the Epsilon will cost about $48 million compared to the M-5, which carried a $70 million price tag for each launch.

Epsilon designers are reusing technology from the M-5 and H-2A rockets to cut costs. The Epsilon's first stage is based on the H-2A's solid rocket booster, while the second and third stages will use solid-fueled engines from the M-5's upper stages.

JAXA is planning to spend about $250 million to finish the development of the new launch vehicle.

Source: RIA Novosti