Hanwha Kim Dong-kwan to lead the space industry… Launched’Space Hub’

Dongkwan Kim President of Hanwha Solutions [중앙포토]

Kim Seung-yeon (69), the eldest son of Hanwha Group Chairman, Kim Dong-gwan (38), President of Hanwha Solutions, will lead the group’s space industry. The plan is to take charge of the new organization,’Space Hub’, to bring together core technologies related to space scattered by affiliates and to present business directions.

Hanwha announced on the 7th that it will launch a space hub that will lead the entire space industry and appoint President Kim Dong-gwan as the team leader. Among Hanwha affiliates, Hanwha Aerospace, Hanwha Systems, and Hanwha Corporation are currently carrying out space-related projects. An official from Hanwha said, “The purpose is to draw the big picture of the universe by gathering scattered technologies.”

Scale of the world’s private space market [자료 한화에어로스페이스]

The core personnel of Space Hub are Hanwha Aerospace engineers. They have been involved in the development of the Korean launch vehicle’Nuri (KSLV-II)’. Hanwha Systems’ communication and video equipment specialists and Hanwha Corporation’s defense industry specialists will also join. Hanwha’s side added, “Recently, Hanwha Aerospace’s domestic satellite venture company, Setrec I, will also participate in the Space Hub.”

Hanwha is paying attention to the space industry as a food for the future. This is because of the expectation that the space development business will grow rapidly, led by private companies such as SpaceX and Blue Origin. Morgan Stanley, an investment bank in the United States, forecasts that the space industry market will grow to $1.1 trillion (about 1220 trillion won) in 2040.

The Space Hub plans to establish Hanwha’s research directions and business models for the space industry by monitoring trends in foreign private space projects. An official from Hanwha said, “The first step to start is technology collaboration.” “If Hanwha Systems’ communication system technology and Setrec Eye’s small satellite design technology are combined, it is possible to advance into the satellite communication field where SpaceX or Amazon competes. Won’t you?” he explained.

Seungyeon Kim Chairman of Hanwha Group [뉴스1]

President Kim Dong-gwan was nominated as a new internal director candidate at the board of directors of Hanwha Aerospace on the 26th of last month. At the Hanwha Aerospace shareholders’ meeting to be held on the 29th, the agenda for the appointment of an executive director of President Kim and the appointment of an unpaid registered officer of Setrec I will be proposed. Following chemistry and energy (Hanwha Solutions), Hanwha’s focus is on the aerospace and defense (Hanwha Aerospace) sectors and space satellite development (Setrec Eye).

There is also a prospect that the class for the successor of the father, Chairman Seung-yeon Kim, will be in full swing. Chairman Kim returned to management this month as an unregistered executive of Hanwha Corporation, Hanwha Solutions, and Hanwha E&C. It has been 7 years since he resigned from the representatives of 7 affiliates after being sentenced to 3 years in prison and 5 years probation for supporting insolvent affiliates in 2014.

Although not in charge of registered executives, Chairman Kim is the largest shareholder with a 22.65% stake in Hanwha Corporation. The eldest son, Kim Dong-gwan, is 4.44%, and the second son Kim Dong-won (36), executive director of Hanwha Life Insurance, and his third son Kim Dong-sun (32), managing director of Hanwha Energy, each have 1.67%.

Hanwha announced on the 26th of last month that Chairman Seung-yeon Kim’s return to management, explained that “Chairman Kim will focus on securing future technologies for Hanwha’s aerospace and defense industry and pioneering overseas markets.” Weight is placed on the prospect that President Kim Dong-gwan will lead the space industry, which will be the group’s flagship business, and Chairman Kim will support it from the rear and prepare for management succession.

Reporter Kim Kyung-mi [email protected]