Innospace strives to become space platform provider

Innospace founder and CEO Kim Soo-jong speaks during a press conference at the 63 Convention Center in Seoul, Monday. Korea Times photo by Baek Byung-yeul

Innospace, a local rocket startup, aims to grow into a leading space mobility platform company that sets the standard for the era of private space transportation, its founder and CEO Kim Soo-jong said, Monday.

“For the commercialization of space businesses such as communications, data services using Earth observation satellites, space exploration, space tourism and mining, a space launch vehicle is an essential tool to transport satellites, people and cargo into space,” the Innospace CEO said during a press conference in Seoul.

“Innospace is the only company in Korea that possesses hybrid rocket technology. In March 2023, it successfully launched its 안전 own HANBIT-TLV test launch vehicle, becoming the first private company in the country to do so, proving its unrivaled technological competitiveness.”

Established in 2017, Innospace is a space startup that commercializes launch vehicle services to transport customers’ satellites into orbit globally, using its hybrid rocket technology-based space launch vehicle HANBIT.

Based on its technological competitiveness, Innospace is scheduled to debut on the KOSDAQ stock exchange market in July through an initial public offering (IPO).

“Through the IPO, Innospace aims to stably enter the global launch service market based on its accumulated space launch vehicle technology and expertise, and grow into a global space mobility platform company,” Kim said.

In addition to satellite launch services, Innospace is conducting business across all areas related to launch vehicles, including space launch vehicle development, rocket engine manufacturing and supply, scientific experimental rocket production and sales, launch site and test site infrastructure construction and testing and the evaluation of rockets.

So far, Innospace has signed launch service contracts with four overseas customers, including an undisclosed foreign satellite company, Italy’s Apogeo Space, the Federal University of Maranhao in Brazil and Brazil-based firm Castro Leite Consultoria LTDA. The customers’ satellites and payloads are scheduled for multiple launches from 2025 to 2027.

“As the future prospects and value of the space market increase, space launch vehicles are becoming an essential element in the space industry, and the growing global demand for satellite launches will inevitably lead to an increase in demand for launch services,” Kim said.

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