Space News: Korea Aerospace Industries to invest $880 million to expand space business
by Brian Berger SEOUL, South Korea — Korea Aerospace Industries (KAI), which played a key role in developing South Korea’s recently launched CAS500-1 remote sensing satellite , will invest 1 trillion won ($880 million) over the next five years to expand its space business, including satellite production, according to its chief executive. Space will command nearly 45 percent of 2.2 trillion won the company has set aside for a broader five-year growth plan, which also includes the development of electric and hydrogen aircraft, air defense electronics, simulations and software. Under the plan, KAI is working on acquiring or forming a strategic partnership with undisclosed companies, in a move to launch ground station and satellite imagery analysis services in two or three years, said CEO Ahn Hyun-ho in a press conference here April 2. He said the company will announce details in August. “We have set up a clear vision for our space business,” Ahn said. “It is something from whic...