Excert from cnet.com

’s construction company, Obayashi Corporation, has announced that it plans to build an elevator into space by the year 2050.

Researchers heading into space in the not-too-distant future could be travelling by elevator rather than rocket if Japanese construction giant Obayashi Corporation has its way. The company announced two years ago that it has the capacity to build a space elevator — and have it up and running by the year 2050.

…the company said that the elevator would reach 96,000km (59,652 miles) into space (for , space lies beyond the Kármán Line, at an altitude of 100km, the International Space Station is 330km, and is 384,400km from Earth), and use robotic cars powered by magnetic motors (maglev, as seen in -speed rail around and Europe) to ferry cargo and humans to a new space station.

All this, the company said, can be achieved because of carbon nanotechnology.

“The tensile strength is almost a hundred times stronger than steel cable so it’s possible,” said Obayashi research and development manager Yoji Ishikawa. “Right now we can’t make the cable enough. We can only make 3-centimetre- nanotubes but we much more… we think by 2030 we’ll be able to do it.”…

If the project is successful, it could massively the cost and danger associated with space trips: cargo usually costs around $22,000 per kilogram via shuttle; using Obayashi’s space elevator, the cost would be closer to $200, the company said.