(Left) The Arnhem Space Centre in Australia’s Northern Territory (Picture by ELA)

(Right) Michael Jones,Executive Chairman and Group CEO of ELA and Soojong Kim, CEO of INNOSPACE

SEJONG, South Korea (August 17, 2023) – INNOSPACE, a South Korean space startup for small launch vehicles, announced that it has signed a multi-year, multi-launch agreement with Australian commercial spaceport owner and operator, Equatorial Launch Australia (ELA), to use the Arnhem Space Centre (ASC) for orbital launches of the HANBIT family of launch vehicles.

The agreement remains in effect for a five-year timeframe, concluding in December 2028. Concurrently with the signing of the contract, ELA will support INNOSPACE for issue of an Australian Launch Permit from the Australian Space Agency.

The ASC in Australia’s Northern Territory (NT) is located 12 degrees south of the equator, boasting optimal conditions for commercial orbital launches to access all orbits and inclinations. Its strategic location enables rockets to be launched from close to the equator, resulting in reduced fuel consumption. This efficiency allows for a greater number of satellites to be carried on a single launch vehicle. In addition, the ASC has the distinct geographical advantage of a secure launch environment featuring minimal maritime and aerial traffic, as well as low population density.

By successfully securing the Alcantara Space Center in Brazil for commercial use based on a contract with the Brazilian Air Force in October 2022, and today announcing the signing of an agreement to use the ASC, INNOSPACE has expanded its portfolio of overseas launch sites in South America and Oceania. Furthermore, the company is investigating strategic options to acquire additional launch sites in Europe, specifically the Andøya Space Center in Norway, as well as in Korea to promptly respond to the growing global demand for launching small satellites.

“After the successful test launch of ‘HANBIT-TLV’ in March 2023, we are working to prepare for commercialization and to create sales performance, aiming to establish a stable presence in the global commercial launch market with our small satellite launch vehicle ‘HANBIT-Nano’, which is currently under development,” said Soojong Kim, CEO of INNOSPACE. “Proactively securing multiple launch sites worldwide will serve as the foundation for delivering low-cost, rapid launch services to our customers. This strategic move is expected to contribute to significantly strengthening differentiated competitiveness in the space market in the future.”

On March 20, 2023 (KST), INNOSPACE achieved a significant milestone by successfully launching its test launch vehicle ‘HANBIT-TLV’ to verify the flight performance of the first stage 15-ton thrust hybrid rocket engine from the Alcantara Space Center in Brazil. This first test launch of the Korean private space company is a historical achievement, and INNOSPACE has proven its capabilities for rocket engine design and development, launch vehicle system integration, and launch operations.

INNOSPACE has begun accepting bookings in the bottlenecked launch market which according to Euroconsult’s (a leading space industry consulting and market intelligence firm) latest projections, the global market for small satellite launches is expected to expand by a remarkable 261% compared to the previous decade, reaching a cumulative value of 34.2 billion (approximately KRW 45.2 trillion) between 2023 to 2032. The anticipated number of small satellites to be launched by 2032 is estimated at 26,104.