Innospace, LIG Nex1 to co-work for space, defense business
It will strengthen future defense techs and expand centered around the space launch vehicle Hanbit
By Apr 17, 2024 (Gmt+09:00)
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South Korea's space launch startup Innospace announced on Wednesday that it signed a business agreement with LIG Nex1 Co. for cooperation and commercialization in the space and defense sectors.
Innospace will discuss enhancing the future defense technology competitiveness and expanding joint ventures with LIG Nex1 based on the business centered around the space launch vehicle Hanbit.
Innospace succeeded in the suborbital launch of the first-stage engine test vehicle Hanbit-TLV at the Brazil Alcântara Space Center in March 2023, becoming the first private company in South Korea to do so.
LIG Nex1 is an integrated defense contractor participating in various projects such as the synthetic-aperture radar (SAR) payload of the multi-purpose utility satellite 6 and the GEO-KOMPSAT-3 and Korean Positioning System (KPS) projects.
Innospace explained that as it enters a business agreement related to the defense industry for the first time, it will establish a new space business model.
Commercial launches are planned to begin in 2025 after the development of the small launch vehicle Hanbit-Nano.
Write to Hyung-Kyu Kim at khk@hankyung.com
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