Boryung announced on January 11 that it has completed the process of establishing a domestic joint venture with Axiom Space, a U.S. commercial space station construction company, and officially launched "Brax Space".
Axiom Space is developing the Axiom Station, a private space station that will replace the International Space Station (ISS) in 2030. Boryung and Axiom are co-funded in a 51/49 ratio.
Brax Space has exclusive domestic rights to all business utilizing Axiom's technology and space station infrastructure in low Earth orbit (LEO) and priority in the Asia-Pacific region. Boryung said the main projects will include research and experiment platform services on the space station, Korean manned space development projects, and joint development of space station modules.
For space station experiments, Boryung will provide services for the entire process from initial planning to launch, transportation, and experiment execution, and will also promote Korean astronaut projects to revitalize the low-orbit space industry economy.
In the development of space station modules, the company plans to explore opportunities for cooperation with various domestic industries such as new materials, semiconductors, and energy. In addition, the company will engage in commercial activities to utilize the space station for corporate marketing.
Lim Dong-joo, Group Head of Boryung New Portfolio Investment (NPI), has been appointed as CEO. Lim has previously overseen Boryung's space business, including its investment in Axiom Space.
"This is significant because it opens the way for Korea to utilize the space station for space exploration, scientific research, and commercial purposes," said CEO Lim. "As low Earth orbit becomes more accessible, the demand to utilize the space station for research and experimentation will continue to grow."
"We are excited to work with Boryung to shape the future of low-orbit infrastructure," said Michael Supredini, President of Axiom Space.
