Hanwha Systems and Hanwha Aerospace will invest a combined $115 million into Overair, a U.S. air mobility start-up, as the Korean companies join to work on an electric vertical takeoff and landing (EVTOL) aircraft.
The coming weeks will be make-or-break for Korea’s aerospace industry with the planned launch of a domestically-developed rocket and of Korea’s first lunar probe.
Rocket engines looking like giant espresso machines in a nondescript industrial building are vital to the Korean space program.
Hanwha Aerospace, a Kospi-listed aircraft engine manufacturer, enjoyed double-digit growth in sales and profit last year as demand for jet engines rose.
Hanwha Aerospace has won a $320 million order from GE Aviation to supply aircraft engine components, marking the first major deal for the company since the Covid-19 pandemic broke out.
Hanwha Group has appointed Kim Dong-kwan, the eldest son of the group’s chairman, to head a new team tasked with spearheading investment and recruitment for aerospace businesses, a decision seen as a major commitment to scaling up the space segment.
With 2021 set to become a defining moment for Korea’s aerospace industry thanks to the planned launch of a rocket developed with homegrown technology, investors became bullish about private space companies linked with the project.
Hanwha Aerospace, a defense industry unit of Hanwha Group, will acquire a 30 percent stake in Satrec Initiative, a space satellite company that was founded by scientists who participated in the development of Korea's first satellite.
Hanwha Techwin is introducing an updated surveillance camera to foreign markets.