Hanwha Aerospace Co. announced that it has signed a final deal worth 950.5 billion won (US$695.3 million) with the Public Procurement Service to manufacture new launch vehicles for South Korea’s next-generation launch vehicle development project, according to media reports in South Korea.
The contract signing comes just two months after the company was selected as the preferred negotiating partner in March. The next-generation launch vehicle project is aimed at advancing the country’s capabilities for launching large satellites and conducting space exploration missions in the future. The project’s objective is to significantly enhance payload capacity and orbital access performance compared to the Nuri, which primarily deployed satellites into low Earth orbit.
Korea’s new launch vehicle is scheduled to be launched three times starting from 2030 upon its development. By 2032, Korea aims to launch the final model of a lunar lander as part of its space exploration endeavours.
“We are thrilled to announce that Hanwha Aerospace has been awarded the contract to spearhead the Korean government’s upcoming space project,” Hanwha Aerospace said. “This follows last year’s successful Nuri space launch, further solidifying our role as a vital contributor to the national space program. Our primary mission is to develop and manufacture ‘KSLV-III’, the rocket designed to outperform its predecessor, KSLV-II(also known as ‘Nuri’), in both scope and capability. The national space development roadmap calls for the transportation of important payloads, such a lunar lander, into space, and this new vehicle will be prepared for big satellite launches and ambitious space exploration projects.”
The Korea government has pledged to invest 2 trillion KRW in the development of launch vehicles and launch pads, as well as the construction of equipment and test facilities from 2023 to 2032.
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