Kolon Glotech Enters Space Launch Vehicle Market...Invests 6 Billion KRW in Innospace

Innospace Holds Small Launch Vehicle Development Technology
Kolon Provides Composite Materials... Expanding to Satellite Frames and Other Composite Materials

[Asia Economy Reporter Hwang Yoon-joo] Kolon Glotech is making a full-scale entry into the private space industry based on its proprietary composite material technology. Kolon Glotech is focusing on the satellite launch vehicle market within the private space industry as a new growth engine, expanding its composite material business while exploring new business opportunities in related fields.

Kolon Glotech announced on the 26th that it has invested 6 billion KRW in equity in 'Innospace,' a startup that holds outstanding small launch vehicle technology in Korea. Innospace currently supplies composite material parts for launch vehicles. Additionally, it plans to provide lightweight solutions incorporating composite material technology to achieve weight reduction, which is a core aspect of launch vehicles.

Kolon Glotech will continue joint development with Innospace to supply major parts of launch vehicles made of composite materials and plans to expand the application of composite materials to large launch vehicles and satellite frames in the long term.

Innospace holds the most advanced commercializable launch vehicle technology in Korea. It is a startup that manufactures small satellite-dedicated launch vehicles and provides satellite launch services, possessing technological competitiveness in hybrid propulsion systems that use solid fuel and liquid oxidizers. Currently, it is developing and testing a 15-ton engine, with plans to complete test launches in Brazil in the first half of next year. In 2023, it aims to conduct about 30 full-scale commercial launches annually, carrying actual satellites. If the test launch scheduled for next year succeeds, Innospace will become the first private launch vehicle company in Korea.

The global private space industry market is expected to grow about threefold from 2017 to approximately 1.1 trillion USD (about 1,220 trillion KRW) by 2040, making it a promising industry. So far, the U.S. company SpaceX has launched over 1,000 satellites weighing around 400 kg each and plans to launch up to 12,000 additional satellites. Global IT companies such as Amazon and Facebook are also planning to launch hundreds of small and medium-sized satellites.

Recently, demand for small satellites weighing less than 500 kg for purposes such as weather observation, communication, relay, and internet has increased, leading to a surge in small launch vehicle development and market expansion. Previously, most small satellites were launched using large launch vehicles, but large launch vehicles have long manufacturing periods, long launch waiting times, and high failure risks, increasing demand for small satellite-dedicated launch vehicles. Currently, about 40 companies worldwide are operating with the goal of providing small satellite launch vehicle services, and in Korea, research and development is being conducted mainly by startups.

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