MOU Signed for Space Business Cooperation by Innospace and UAE Space Agency

In a bid to enhance collaboration in space-related business ventures, Korean spaceflight startup Innospace has entered into a memorandum of understanding with the UAE Space Agency. The agreement, signed in Seoul, aims to facilitate joint efforts in selecting an ideal launch site and developing a launch facility with essential infrastructure for satellite launches.

Last year, Innospace achieved a milestone with the successful flight of its test launch vehicle, Hanbit-TLV, from the Alcantara Space Center in Brazil, marking a significant achievement for Korean civilian space exploration. This recent partnership follows a visit by UAE President Mohamed bin Zayed Al Nahyan to Seoul, where discussions on bolstering economic ties between the two countries took place.

During a five-day visit to the UAE Space Agency in March, Innospace officials engaged in talks on collaborative space initiatives and conducted assessments of potential launch sites in the Middle East. Kim Soo-jong, CEO of Innospace, expressed optimism about the partnership, emphasizing its role in advancing the UAE’s space commercialization strategy and laying the groundwork for future involvement in the launch service sector in the Middle East.

The signing of the MOU signifies Innospace’s commitment to supporting the UAE’s space endeavors and fostering opportunities for satellite launches. With a focus on solidifying its presence in the Middle Eastern market, Innospace aims to leverage this collaboration for long-term growth in the space industry.