[News Space=Reporter seungwon lee] Kolon Spaceworks (CEO Sang-hyun Ahn), a cutting-edge composite materials company of Kolon Group, announced on the 24th that it signed a business agreement (MOU) to strengthen cooperation with private space launch vehicle company Innospace Co., Ltd. (CEO Soo-jong Kim).

Kolon Spaceworks has continued its cooperation with Innospace, including supplying key components for Innospace's first domestic civilian test launch vehicle, 'Hanbit-TLV', in March 2023. This MOU was signed to continue this cooperation in more diverse fields. Kolon Spaceworks plans to use this agreement as an opportunity to accelerate its business expansion in the space and defense industries.

According to the agreement, the two companies will ▲design, manufacture, and mass-produce space launch vehicle propulsion systems and body structures ▲develop and mass-produce defense application parts based on launch vehicle technology ▲jointly discover new business opportunities related to space and defense ▲collect and share related industry information, etc. They will also jointly carry out tasks to develop parts and assemblies necessary for the defense industry and closely cooperate to commercialize products and establish a mass production system.

We will also strengthen our sales cooperation to expand new customers. We plan to jointly develop and supply cutting-edge parts and systems used in the defense industry by utilizing Kolon Spaceworks’ composite material technology and Innospace’s space launch vehicle technology. Through this, we plan to provide high-quality customized solutions to customers and promote the expansion of business areas in the defense industry and stable sales growth.

Kolon Spaceworks CEO Sang-hyun Ahn said, “Through this agreement, we expect to secure a new growth engine by expanding our business beyond the development of launch vehicle parts and technical support to the space and defense industries,” adding, “Based on Kolon Spaceworks’ advanced composite material technology, we will maximize the synergy between the two companies and strengthen our position in the global space market.”

Innospace CEO Kim Soo-jong said, “This agreement will be an important step toward expanding Innospace’s space launch vehicle technology competitiveness into the defense industry and opening up a new market.” He added, “We will further strengthen our partnership so that the innovative launch vehicles and defense application parts developed by Innospace can contribute to various industries.”

Meanwhile, Kolon Spaceworks is a company launched in July by converging the capabilities of the Kolon Group, which has long experience in the composite material field and unrivaled technological prowess. Just like its mission, which means providing solutions (Works) for products applied to space (Space) that goes beyond the sea, land, and sky to space, it is presenting integrated technology solutions from product design to manufacturing that utilize advanced materials in various fields such as aviation, mobility, defense, and space.

Founded in 2017, Innospace is a private space launch vehicle company that develops optimal space launch vehicles based on hybrid rocket technology and commercializes satellite launch services. It is developing optimal solutions to provide low-cost, low-latency, and stable launch services in the rapidly growing small satellite market. Currently, it is expanding its presence in the global space market through overseas corporations in Brazil, France, and the United Arab Emirates based on its Sejong headquarters.