Korean startup Perigee aspires to become Asia's SpaceX, MOU with PhilSA

Daejeon-based Perigee Aerospace Inc. has taken a number of steps with the aim of becoming the next Space Exploration Technologies Corp. (SpaceX), the advanced rocket and spacecraft manufacturer founded by billionaire Elon Musk. 

Industry insiders forecast the market will go through restructuring in the next few years to center around a handful of startups with the most advanced technology. 

Perigee signed a memorandum of understanding (MOU) with the Philippine Space Agency (PhilSA) in September, which will allow the Korean startup to begin a series of meaningful discussions on launching its projectiles in the Philippines and developing a spaceport there. 

“The Philippines consists of more than 7,000 islands and therefore has a great interest in satellite communications,” a Perigee employee told The Korea Economic Daily. “Beginning with the launch of projectiles, we plan to consider the Philippines as our bridge to Southeast Asia through a local entity.”

Perigee uses its internally developed two-stage space launch vehicle named Blue Whale. The startup provides service to transport smaller satellites to low-earth orbit (LEO), much like the ones deployed for the Starlink network, a satellite internet constellation operated by SpaceX.  

In addition to the launch activities, Perigee also has permission to track and collect rocket debris found in the Philippine territories – land and sea. The collection efforts are part of the startup’s commitment to creating eco-friendly operations. 

The MOU marks the first time a Korean startup signed a projectile debris recovery contract with a state institution abroad. 

IPO IN 2024

Perigee was founded in 2018 as the first space launch vehicle startup using liquid fuel in South Korea. 

The company’s founder and CEO Shin Dong-yoon studied aerospace engineering at the prestigious Korea Advanced Institute of Science and Technology (KAIST). The startup became the first private rocket launcher using liquid fuel in Korea last year, in tandem with the founder’s alma mater in Jeju. 

Perigee is building on that experience to discuss the possible construction of a private launch site on the resort island. 

The startup has so far raised some 30 billion won ($22.5 million) in a Series B bridge round with an initial public offering (IPO) slated for 2024. 

In September, it named KB Securities Co. and Korea Investment & Securities Co. as the lead underwriters for the upcoming IPO. 

Write to See-Eun Lee at see@hankyung.com
Jee Abbey Lee edited this article.