CEO Kim Soo-jong: "Newspace, we're launching it" [Now in Space]

Innospace's Hanbit-Nano launch pad and launch vehicle. After successfully completing the system linkage test, they are currently being transported to Brazil. Their first commercial launch will take place in July. [Photo = Innospace]



"The goal of the transportation means is clear. Whether it's a guest, a cargo, or a satellite, it is to deliver it to the exact time and place the customer wants. Innospace's role is to transport the relevant payload to the space the customer wants accurately via the Hanbit-Nano launch vehicle. That's our role."



Innospace CEO Kim Soo-jong said this in a recent interview with iNews24. Innospace will have its first commercial launch in Brazil in July. After a successful test launch in Brazil in March 2023, the company is determined to establish itself as a full-fledged space transportation company.



In fact, ahead of this first commercial launch, the Korea Aerospace Science and Technology Administration proposed to Innospace that the Naro Space Center would be able to launch in July. Regarding this, CEO Kim said, "There are so many things already prepared, such as the contract situation with Brazil, that it was not easy to change to a domestic launch site in a hurry," and "We plan to launch domestically after the first commercial launch in Brazil in July."



Innospace currently has launch sites in two countries, Brazil and Australia. It is currently in negotiations to secure five more launch sites. CEO Kim said, "The more launch sites we secure, the more launches we can make," and "It is important to secure multiple launch sites overseas, not just domestic launch sites, to create conditions for launches at any time."



CEO Kim Soo-jong is also considering entering the service market sectors such as satellite data and satellite internet after the success of the launch vehicle. [Photo=Reporter Jeong Jong-oh]



Basically, the more launch sites a launch vehicle company can utilize, whether domestic or overseas, the better. This means that volatility can be avoided and efficiency increases accordingly.



He emphasized that it is also important to consider the fact that related costs vary greatly depending on the launch site. In fact, if a launch is made at the Naro Space Center, fishermen will not be able to fish on the day of the launch, so they will have to be compensated. If the launch is postponed, the compensation amount will increase accordingly.



"There are many things to consider, such as compensation for damage to the fishing industry, and if there are high value-added facilities near the launch site, insurance premium increases, etc., and all of these are included in the launch cost," said



CEO Kim. "We need to look closely at the very complex cost determination factors for each launch site." Regarding the success of the first commercial launch in Brazil in July, CEO Kim said, "In fact, this July's launch has two characteristics: a test launch and a commercial launch." "The 2023 test launch was a first-stage launch, but this July's launch consists of two stages."



However, since the first and second stages have the same technology, CEO Kim judged that the failure rate of the first launch will be relatively low compared to other companies.



Innospace has a lineup based on transport capacity. These include 'Hanbit-Nano', which sends a 90kg payload into space, 'Hanbit-Micro', which launches a 170kg related satellite, and 'Hanbit-Mini', which deploys a 1.3-ton payload into space.



Kim said, "Hanbit-Micro is an improved version of Hanbit-Nano, so we expect it to be launched by the end of this year," and added, "However, Hanbit-Mini clusters nine 25-ton engines in the first stage, so additional technology verification is required, and we expect it to be launched around 2027."



Innospace has no revenue, but it has a lot of infrastructure to build, including launch vehicles, launch pads, engines, and combustion facilities. That means it costs a lot. Related research facilities are also needed for engine combustion tests to build Hanbit-Mini.



When asked if it would require a huge investment in research and development, Kim emphasized, "It is true that a huge amount of money is needed to build the related facilities," and "It is our role to move forward to secure development costs and produce results by smoothly raising funds, and that is where we are focusing our capabilities."



Innospace is also developing reuse technology. [Photo=Innospace]



Innospace is also developing reuse technology, which is popular worldwide for space launch vehicles. It is being carried out as part of the government's Space Challenge project (2022-2025).



Using a 'reusable launch vehicle technology demonstrator' with a hybrid rocket engine at the Geumsan Combustion Test Site, it successfully completed a vertical takeoff and landing altitude control flight test in November 2023 and a tethered flight test in May 2024.



Innospace is conducting technical verification of the propulsion and guidance control system using the reusable launch vehicle technology demonstrator through staged flight tests. It is currently preparing for the next stage tethered flight test (100m vertical ascent-horizontal movement-guided landing test).



CEO Kim explained, "We need to carefully consider applying reusable technology to small launch vehicles." "Because they are small launch vehicles, when reusable technology was applied, the results of the first verification for Hanbit-Nano and Hanbit-Micro showed that there was not much effect." This means that



it is predicted that it is more advantageous for small launch vehicles to be launched once and consumed. In other words, in order to apply reuse technology, more propellant (fuel) must be injected. The payload must be reduced accordingly. After considering and calculating these various situations, we have reached the tentative conclusion that it is better to launch small launch vehicles once.



What is Innospace's profit margin? When asked about the profit margin from the July launch, CEO Kim stated, "I ask for your understanding that I cannot give you a specific amount because it is a trade secret," and added, "The profit margin compared to the cost of a single launch will vary depending on the specific situation, but based on operating profit, it is around 25-30%."



Innospace CEO Kim Soo-jong is explaining the Hanbit rocket at the Cheongju office. [Photo = Reporter Jeong Jong-oh]



The profit margin increases as the number of payloads increases during a single launch. CEO Kim described Innospace as a "space mobility company."



CEO Kim said, "What we need to focus on now is securing and advancing launch vehicle technology," and "After this work is completed smoothly, we plan to advance into various service fields such as satellite data and satellite internet."



Meanwhile, the "Hanbit-Nano" launcher has begun transporting to Brazil by ship. The launch vehicle is expected to arrive there in May. After the stabilization work and linkage with the control room, the 'Hanbit-Nano' launch vehicle will be launched into space from a self-built launch pad in July.



If Innospace's 'Hanbit-Nano' launch is successful this time, another space history will be made as Korea's first private company secures a 'space transportation vehicle (launch vehicle)'. It is expected to be a turning point in the NewSpace era.





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