Press Release

Launching the Hanwha "Space Hub"... CEO Kim Dong-kwan Leads the Space Business in the Field.

1. Hanwha seeks a fast-track to the space business with engineers.

Hanwha has entered the space industry in full scale, bringing together core technologies that were scattered across multiple companies. Hanwha announced on the 7th that it would launch the “Space Hub” to pursue leadership in the overall space industry.

Hanwha Solutions CEO Dong-kwan Kim will be in charge of the Hub. He was recommended as a registered director of Hanwha Aerospace on the 26th. The role of team leader of the Space Hub represents a first for him in the Space Hub.

At the front and center of the Hub are Hanwha Aerospace engineers who have worked on the development of Nuri-ho, a Korean space launch vehicle. It is expected that in the future, Hanwha Systems' communications and video equipment experts, Hanwha's weapon system experts in each field, and Satrec Initiative, which recently decided to join Hanwha, are also expected to participate in.

CEO Dong-kwan Kim believes that to compete with global companies, expertise, and comprehensive support are necessary. He stated that he will find a fast-track to space with the help of engineers.

2. Field-oriented “integrated situation room”… CEO Dong-kwan Kim works with engineers

Private sector-led space development is a global trend. Morgan Stanley has forcasted that the space industry market will grow to around USD 1.1 trillion (approximately KRW 1,220 trillion) by 2040, which will be led by private enterprises. Companies like SpaceX and Blue Origin in the U.S. are already delivering results.

Through the Space Hub, Hanwha plans to monitor trends in private space projects overseas and to set research directions and business models.

Hanwha explained that the Hub is not an organization at the top level of each company, but rather an integrated situation room for the dynamic space sector. The Space Hub will focus on research and investment by dividing it into the production sector, such as launch vehicles and satellites, and the service sector, such as communications, earth observation, and energy. There are also plans to actively recruit talents in those fields.

Hanwha Solutions' solar technology, which is top-ranked in the U.S. solar module market, and the technology of Cimarron, a U.S. company specializing in hydrogen and aerospace tanks, which Hanwha Solutions acquired, are also being studied for potential linkages with the space business.

Hanwha Solutions CEO Dong-kwan Kim said that the time is long overdue to make advancements in the space industry and that he would develop it with a socially responsible attitude.

◎ What role does the Space Hub play?

Q. Hanwha Aerospace, Hanwha Systems, Hanwha Corporation, and Satrec Initiative have been involved in space-related businesses in their own directions. What could be different if they were to partner together?

A. For example, Hanwha Aerospace's launch vehicle could carry Satrec Initiative's satellite, on which Hanwha Systems' communication system could be mounted. The goal is to formulate a broad vision under the premise of “space.”

Q. What specific tasks will Space Hub be engaged in, and what will be the first step taken immediately?

A. It serves as a technological partnership. For example, we could explore the development of services by combining Hanwha Systems' imaging payload technology with Satrec Initiative's earth observation satellite technology. It is also possible to venture into the satellite communication field, characterized by strong competition between companies like SpaceX and Amazon, by combining the communication system technology of the two companies along with small satellite design technology.

Q. Space development is immensely expensive. How much does the Space Hub plan to invest, and how will it be funded?

A. As a case in point, SpaceX has invested around KRW 500 billion in the development of the Falcon 9 launch vehicle. We believe that more investment may be needed to secure global competitiveness in a short period of time, considering our current technology status, and we are reviewing the specific scale of investment. We think that the funding is expected to require government support in terms of national technology acquisition in addition to our own private investment.

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