Hanwha Solutions President Kim Dong-gwan (pictured) oversees Hanwha Group’s space business. Kim Seung-yeon, the eldest son of Hanwha Group’s chairman, will take on the role of discovering and nurturing the group’s’food for the future’ by overseeing the energy business such as solar and hydrogen, as well as the space business.
○Space hub, role of space control room
Hanwha Group announced on the 7th that it has decided to bring together core technologies related to space scattered across its affiliates and to be dedicated to it in a new team named’Space Hub’. President Kim was appointed as the first team leader of Space Hub.
Hanwha Aerospace engineers who participated in the development of the Korean launch vehicle Nuri will join the team. Hanwha Systems’ satellite communication and imaging equipment specialists, Hanwha Corporation’s weapons system specialists, and Setrec-I researchers, a satellite specialist invested by Hanwha Group, will also participate. An official from Hanwha explained, “The Space Hub will take on the role of Hanwha Group’s space control room.”
The space hub was established for the purpose of developing space launch vehicles and satellites. As Hanwha Aerospace already possesses considerable capabilities in the space launch vehicle field, it was determined that it would be able to produce results if resources and manpower were put in. Hanwha Aerospace is in charge of developing a liquid rocket engine for the Korean launch vehicle’Nuri’ (KSLV-2), which is scheduled to be launched in October.
The business is not limited to the development of space launch vehicles and satellites. It plans to launch various service projects related to space, such as earth observation and space energy. It plans to research foreign leading companies such as SpaceX and Blue Origin to establish a new business direction and to concrete a profit model. In addition, it will study ways to link the solar technology of Hanwha Solutions, the number 1 solar module in the United States, and the technology of Shimaron, an American hydrogen and space tank company acquired by Hanwha Solutions, with the space business.
President Kim said, “In Korea, somebody should do the space industry,” and “I will develop the space industry with the attitude of fulfilling social responsibilities.”
○ Focusing on group competency in space business
As President Kim decides to take care of the space business, the group’s large-scale investment and cooperation among affiliates are expected to gain momentum. Hanwha is expanding its investment in the aerospace sector. At the beginning of this year, Hanwha Aerospace acquired about 30% of Setrec Eye, the first satellite company in Korea. It is an investment to create a synergy effect with Hanwha Aerospace, which has space launch vehicle technology, and Hanwha Systems, which has technologies such as image radar (SAR) installed on satellites.
As the private space development industry was rapidly expanding, it was judged that it was necessary to preoccupy this market in Korea. Investment bank Morgan Stanley predicts that the global private space industry will grow from $348 billion (about 392 trillion won) in 2017 to $1.1 trillion (about 1240 trillion won) in 2040.
President Kim’s status is also rising. He was promoted to the CEO of Hanwha Solutions’ strategic division in the group’s regular greetings in September last year. Including the solar power sector, such as Hanwha Q Cells, which was previously in charge, Hanwha Solutions will take care of the entire business of Hanwha Solutions, such as hydrogen energy and chemical business. At the end of this month, Hanwha Aerospace is scheduled to be appointed as a registered director at the general shareholders’ meeting and participate as a member of the board of directors.
Reporter Ahn Jae-kwang [email protected]