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Hanwha Group

Hanwha launches group-wide task force to bolster space business

By Mar 08, 2021 (Gmt+09:00)

(Courtesy of Hanwha Aerospace)
(Courtesy of Hanwha Aerospace)

Hanwha Group has created an internal task force headed by the group's heir apparent to strengthen its presence in the fast-growing global space sector.

  
The defense-to-insurance conglomerate said on Mar. 7 that Kim Dong-kwan, the eldest son of Chairman Kim Seung-youn, has been appointed to lead the newly established Space Hub, launched to consolidate all space-relevant resources and technology of its affiliates under one roof.

The appointment will extend the junior Kim’s leadership profile within the group. He currently leads Hanwha’s chemical and future energy segments as the chief executive of Hanwha Solutions, and is expected to be appointed as a board member of Hanwha Aerospace at the end of this month.  

The group said Space Hub will widen South Korea’s foothold in the global space economy, projected by Morgan Stanley to rocket from $348 billion in 2017 to $1.1 trillion in 2040. 

“Someone must lead South Korea’s space industry. Hanwha will continue to contribute to our society with a serious stance toward advancing the country’s future space segment,” said Kim.

CONSOLIDATED CONTROL TOWER

Space Hub was set up not only to strengthen the group’s space launch vehicle and satellite segments, spearheaded by Hanwha Aerospace with its long track record, but also to offer various new space-related services in the areas of earth observation and space energy.

The task force will also conduct a comprehensive study on leading global players such as SpaceX and Blue Origin to sharpen the direction of the group’s space business and accordingly develop a concrete revenue model.

Space Hub will utilize internal resources from Hanwha Corporation, Hanwha Aerospace, Hanwha Systems as well as external input from Satrec Initiative Co., South Korea’s first satellite systems company. Hanwha Aerospace holds around a 30% stake in Satrec Initiative from its investment earlier this year.

More specifically, Hanwha Corporation specialists on weapon systems; Hanwha Aerospace engineers who participated in the development of Nuri (KSLV-II), South Korea’s first fully indigenous space launch vehicle ready for space in October of this year; Hanwha Systems experts on satellite communication and imaging; and Satrec Initiative researchers will all be joining Space Hub.

Hanwha also said that it will research ways of utilizing Hanwha Solutions’ solar technology and its hydrogen subsidiary Cimarron Composites’ tank and pressure vessel technology in the space sector.

A Hanwha representative remarked: “Space Hub will act as the group’s control tower for its space business expansion.”

Write to Jae-Kwang Ahn at ahnjk@hankyung.com

Daniel Cho edited this article.

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