Hanwha, Kim Dong-kwan's Space Business Wings

'Space Hub' Launch
Organization Structure Finalized

[Asia Economy Reporter Choi Dae-yeol] Kim Dong-kwan, President of Hanwha Solutions and third-generation heir of Hanwha Group (photo), has formed an organization that brings together the capabilities of various affiliates to lead the group’s core new business, the space industry. Operating under the name ‘Space Hub,’ this organization is expected to launch as a comprehensive control center overseeing the group’s space business as early as this month.

According to industry sources on the 8th, President Kim is said to have finalized the formation of the Space Hub organization around the time of the Hanwha Aerospace shareholders’ meeting scheduled for the end of this month and plans to discuss specific operational directions. Hanwha Aerospace, which focuses on the development and manufacturing of aircraft engines, has nominated Kim as an inside director at this shareholders’ meeting, and he will join the board. Kim also holds a director position at Satrec Initiative, a private satellite manufacturing and export company recently acquired by Hanwha Aerospace. Park Sung-dong, the chairman of the board and a former researcher who founded the company, offered Kim a non-executive director position, which he readily accepted. It was judged that Kim’s global network would be crucial for expanding overseas business.

In addition, Hanwha Systems, specializing in communications and video equipment, and specialized personnel from Hanwha Corporation in the weapons systems sector will also play key roles in the Space Hub. The goal is to unify the scattered businesses of each affiliate through the common theme of ‘space’ and to foster collaboration in technology and research fields. Entry into the satellite communications sector, where U.S. companies like SpaceX and Amazon are competing, is also being considered. SpaceX invested 500 billion KRW in launch vehicle development, and Hanwha has expressed its intention to invest an even larger amount to catch up quickly as a latecomer. President Kim said, "To compete with global companies, expertise and full support are necessary," adding, "I will find the shortcut to space together with engineers."

The Space Hub, to be established at Hanwha Group’s headquarters, is described by the company as closer to a comprehensive control center than a superimposed organization. The focus is on eliminating unnecessary decision-making structures and encouraging more active exchange of opinions among on-site engineers. The Space Hub plans to conduct research and investment divided into manufacturing sectors such as launch vehicles and satellites, and service sectors including communications, earth observation, and energy. President Kim stated, "Space industry is something someone has to do," and added, "We will proceed with development with a sense of social responsibility."

This content was produced with the assistance of AI translation services.