"JV Establishment Agreement for Joint Space Business Promotion"
Joint Promotion of Earth Low Earth Orbit Business
Boryung is entering the space business in earnest by signing an agreement to establish a domestic joint venture with a U.S. private space station construction company.
On the 28th, Boryung announced that on the 20th it signed an agreement with the U.S. company Axiom Space to establish a joint venture (JV) to promote various businesses in Low Earth Orbit (LEO).
Boryung explained that the establishment of this JV is significant in securing infrastructure to research and develop various space-related technologies within the CIS (Care In Space) project it is promoting. Through this agreement, the company plans not only to carry out national space development missions but also to create synergy in space research and development through collaboration with various companies. Furthermore, all projects that Axiom Space pursues with Korean companies and the government will be conducted through the newly established company.
Low Earth Orbit (LEO) refers to the altitude below 2,000 km above the Earth's surface. It is the gateway to space where most national space budgets are executed and where private companies compete. Satellites of private space companies mainly orbit in this LEO, and the International Space Station (ISS) is located at this altitude.
Axiom Space is developing the Axiom Station, the world’s first private commercial space station, which will replace the International Space Station (ISS) scheduled to retire in 2030. In April last year, they realized the first manned space mission composed entirely of private citizens through the 'Ax-1 Project.' Through these projects, Axiom Space plans to carry out various missions in the microgravity environment of Low Earth Orbit (LEO).
Previously, Boryung made a strategic investment of a total of 60 million USD (approximately 78 billion KRW) in Axiom Space in two rounds last year. Additionally, through this year’s CIS project, Boryung plans to focus more on solving human activity and healthcare issues occurring in space together with more partners.
Michael Suffredini, CEO of Axiom Space, said, "Boryung, our key partner, is leading the field by presenting various directions that enable humans to undertake long-term missions in space innovatively through the CIS program. We are very pleased to be able to create the future of space together with Boryung."
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