Innospace, LIG Nex1 to co-work for space, defense business

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.

The two companies will pursue new business creation and technology localization and commercialization in the satellite, space, and defense sectors through research and development cooperation, as well as overseas business cooperation.

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