The Korea Aerospace Industries (KAI) announced on July 18 that it has signed a contract with SpaceX for the next-generation medium-sized satellite No. 4.
KAI is also considering strategic cooperation with SpaceX, which has a high launch success rate and low cost.
KAI Chief Financial Officer (CFO) Kim Jung-ho met with a senior SpaceX official in the U.S. in May to discuss SpaceX's entry into the Asian market, and confirmed the possibility of joint cooperation between KAI and SpaceX.
The contract is said to have taken a step closer to the new space era by taking responsibility for launching the next-generation mid-sized satellite, a 500kg standard satellite platform in Korea.
The launch of the satellite No. 1 was conducted by the Korea Aerospace Research Institute. Starting from the launch of satellite No. 2, KAI will be responsible for the entire development process of No. 2 to No. 5.
KAI plans to launch satellites 2 early next year and develop satellites No. 3 to No. 5 with a goal of launching them by 2025.
Han Chang-heon, director of KAI's future business division, said, "KAI is considering M&A or strategic partnership to analyze satellite images and provide high value-added services such as climate and land management."
Meanwhile, KAI, which launched the New Space TF in February, aims to complete a company-centered value chain by the end of this year to secure future growth engines in the space market, which is estimated at 500 trillion Korean won.
