The South Korean defense and mobility company Hanwha Group announced its aerospace task group called Space Hub. To boost the space industry and its space satellite businesses, Hanwha established the Space Hub. The Space Hub is a sector that links Hanwha Group’s core space-related technologies for monitoring space projects and setting research operations and businesses.
“To compete with world-class companies, we need expertise and full support,” said Kim Dong-Kwan, Hanwha Solutions’ President. “Together with the engineers, we will find a shortcut to space.” Hanwha Solutions’ President will lead the Space Hub operations and set up Hanwha’s defense and aerospace ventures strategies. Last month, Kim joined satellite company Satrec Initiative’s board to utilize global networks for advancing aerospace and solar power technologies. Additionally, Kim registered as a Hanwha Aerospace executive, and the company’s board of directors has yet to finalize the move.
Hanwha Group’s Space Industry Ventures with Space Hub
“The Space Hub is not an organization at the top of each company, but a comprehensive situation room in the space sector full of realism,” said Hanwha Group. Following the Space Hub’s launch, Hanwha, Hanwha Systems, Hanwha Aerospace, and Satrec Initiative will combine their project capabilities. Due to the Space Hub, Hanwha can focus on intensive space research and development investments. The Space Hub would also expand production fields involving launch satellites and vehicles, communication and observation services, and related technologies.
According to Hanwha, Hanwha Systems will provide smart communication and defense technologies and urban air mobility specialists. Furthermore, Space Hub’s core members include the Hanwha Aerospace engineers who helped develop Nuri, South Korea’s locally built carrier rocket. Currently, Korea is preparing to launch its first indigenous rocket, Korea Space Launch Vehicle-II, commonly known as Nuri. In addition to the engineers, Hanwha’s telecommunication experts and Hanwha’s weapons system department will join the Space Hub’s future projects.
Meanwhile, Hanwha Solutions will combine space R&D and solar module technologies for the space hub, promoting both the space industry and green energy. In 2020, Hanwha Solutions acquired Cimarron, a US-based high-pressure tank manufacturing startup, for specialized spaceship hydrogen fuel storage technologies. Based on investment firm Morgan Stanley’s estimates, the worldwide space industry will amount to $1.1 trillion by 2040.
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