Kenko Aerospace Acquires 30% Stake in AstroX

[Asia Economy Reporter Hyungsoo Park] Kenko Aerospace is set to actively expand its Urban Air Mobility (UAM) business by partnering with the leading racing drone company.

Kenko Aerospace announced on the 29th that its subsidiary, Kenko Aviation, has signed a contract to acquire a 30% stake in AstroX for 4 billion KRW. Together with Daewoo Construction, they plan to make strategic investments to expand the business.

AstroX attracted investment through Daewoo Construction's BTS program in 2020, gaining recognition for its technological capabilities and business potential. Leveraging its top-ranked racing drone technology along with proprietary technology and patents, it developed a Personal Air Vehicle (PAV) model.

The PAV-related technology is evaluated as the fastest to commercialize domestically through test flights and demonstrations. Last month, it successfully completed a test flight of an amphibious PAV.

Kenko has signed a memorandum of understanding with Jeju Island and Jeju Development Corporation to promote infrastructure projects such as vertiports. It has also signed partnership agreements with global technology-leading companies in the UAM sector and is collaborating with them.

Through the equity acquisition, Kenko has additionally secured drone and UAM-related technological capabilities. The strategy is to nurture its subsidiary, Kenko Aviation, into a specialized UAM company.

Lee Min-gyu, CEO of Kenko Aerospace, explained, "In the field of air mobility, safety certification is crucial during development and production processes," adding, "Since we hold relevant certifications in the aviation manufacturing sector, we will be able to quickly capture the market."