Boryung signed a contract to establish a joint venture with

Axiom Space of the United States

CEO Kim Jeong-gyun, who visited the U.S., signed a contract for joint promotion of the space business

rom last year’s $60 million investment to JV establishment

Boryung announced on the 26th that it signed a contract to establish a joint venture (JV) with Axiom Space of the United States on the 25th (local time) to jointly promote the space business.

 

Boryung CEO Kim Jeong-kyun, who visited the United States on an economic mission to the United States, signed a JV establishment contract with Axiom Space Chairman Kam Ghaffarian to jointly promote space projects in low-earth orbit.

 

Axiom Space is an American company specializing in the space industry.

 

Axiom is developing technology to carry out more missions in outer space more safely, including developing next-generation spacesuits that astronauts will wear on the moon in NASA's third Artemis mission.

 

Boryung made a strategic investment of $60 million in Axiom Space last year.

 

Then, in order to efficiently promote the project, detailed discussions related to the JV began in March.

 

The JV will be established in Korea and plans to complete the establishment process within the first half of this year.

 

Boryung and Axiom Space jointly invest at a ratio of 51:49, respectively.

 

Based on Axiom Station, which will replace ISS, all business areas using Axiom's technology and infrastructure will be jointly promoted in Korea.

 

Axiom Space will promote its business with exclusive rights in Korea for private and public space projects.

 

It will be responsible for the astronaut business, joint manufacturing, construction, infrastructure-related businesses, including next-generation Korean modules, and all R&D and experimental activities at the space station.

 

Boryung said, "This means that there is a channel that can utilize the low-earth orbit infrastructure, which has not been available in Korea," and expects that "this will serve as an opportunity to meet the numerous research and development demands arising from the microgravity environment in the future." The contract was signed during President Yoon Seok-yeol's state visit to the United States, with CEO Kim Jeong-gyun participating in an economic delegation.

 

The Korean government is promoting the establishment of the Korea Aerospace Administration, a government control tower, along with the successful launch of the Nuri and Danuri with the goal of becoming one of the 7 significant powerhouses in space.

 

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“The establishment of this joint venture will serve as a foundation for both companies to share future visions for space development beyond a strategic investment relationship and design them together,” said CEO Jungkyun Kim.

 

I will create an opportunity to contribute to development,” he said.

 

CEO Kim was recently appointed a director of Axiom Space and joined the board of directors.

 

Axiom announced that it had appointed three directors, including CEO Kim Jung-kyun, former CIA chief intelligence officer Jeanne Tisinger, and former US space operations commander John W.

 

"Jay" Raymond.

 

CEO Kim plans to participate in the decision-making process for the growth and business planning of Axiom Space as a member of the board of directors along with the best experts leading the US government and space industry, which is the 'Care In Space' project promoted by Boryeong.

 

It is expected to be a great asset in accelerating the promotion and growth of