November 29, 2024

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Innospace CEO Kim Soo-jong speaks in a press conference ahead of the space rocket developer's initial public offering at Hanwha's 63 Square in western Seoul on Monday. (Innospace)

Innospace, a South Korean startup specializing in developing hybrid space rockets, said Monday that it will go public on the country’s tech-heavy bourse Kosdaq next month, spearheading the private sector’s space shuttle era.

“In order to commercialize space projects such as data services using communications and Earth-observing satellites, space exploration, space travel and asteroid mining, space launch vehicles, which can carry satellites, people and supplies to space, are a must-have,” said Kim Soo-jong, CEO and founder of Innospace, at a press conference in Seoul.

“Innospace has the country’s only hybrid rocket technology and proved its unrivaled technological competitiveness by succeeding in the launch of the self-developed Hanbit-TLV in March last year, a first for a domestic private firm.”

The Korean space launch vehicle developer succeeded in the test launch that blasted off from the Alcantara Space Center in Brazil on March 19, opening up a new chapter for the country’s space sector. It also marked the world’s first successful launch of a hybrid rocket using an electric pump.

The CEO noted that the company currently has an order backlog of $12.61 million from contracts for commercial launch services with four overseas clients in Italy and Brazil, pointing out that the company’s two main selling points of cost-effectiveness and safety have already attracted clients from across the globe.

“Starting with the first commercial launch of the Hanbit-Nano in Brazil in March next year, we plan to conduct seven launches for next year and 10 launches in 2026,” said Kim.

“Based on that, we are looking to increase the number of launches to boost sales and profits rapidly.”

As for the company’s efforts to win satellite launch orders from global contractors, Innospace has secured two launch sites in Brazil and Australia with plans to expand its portfolio of launch spots in Norway and the United Arab Emirates.

The CEO highlighted the company’s progress in developing technology for reusable rockets, which play a crucial role in cutting down costs, playing two videos of the successful tests that demonstrated the capabilities of controlling a test launch vehicle’s vertical take-off and landing.

“The revenue through commercial launch services will be created after March next year,” he said. “Some of our revenues right now, despite their not-too-big sizes, have been coming from sales in the defense industry. Our launch vehicle technology based on the hybrid rocket technology can be applied to the defense industry as well.”

Ahead of the public offering, Innospace has garnered investments of 70.6 billion won ($51.16 million) so far.

According to Innospace, the total number of public offering shares is 1.33 million and the expected offering price per share is between 36,400 won and 43,300 won. Mirae Asset Securities is the lead underwriter. Bids for Innospace’s public offering shares will be taken from Thursday to Friday.

Innospace's suborbital test launch vehicle Hanbit-TLV is erected on the launch pad at the Alcantara Space Center in northern Brazil ahead of its launch in March 2023. (Innospace)