● Achieved its first major defense contract leveraging space launch vehicle technology
● Expanded business portfolio to the defense industry, securing a new path for future growth
● Aiming to enhance customer satisfaction in the space and defense industry, delivering significant results 

SEJONG, South Korea (February 4, 2025) – INNOSPACE (KS: 462350), a South Korean satellite launch service company, announced today that the company has signed a KRW 8.9 billion contract with LIG Nex1, a Korean comprehensive defense company, to supply simulated launch vehicles, making its official entry into the defense industry market. 

This marks INNOSPACE’s first successful contract in the defense industry, signifying a significant milestone in its advanced space launch vehicle technology and R&D capabilities. INNOSPACE has expanded its business portfolio beyond space mobility into the defense industry, establishing a new avenue for future growth. The contract will be fulfilled by 2027. 

“The contract demonstrates the potential to extend our space technology into the defense industry and is expected to serve as a critical turning point in establishing a stable revenue base in the long term,” said Soojong Kim, founder and CEO of INNOSPACE. “We’ll strive to achieve customer satisfaction and enhance our competitiveness in the continuously growing space and defense industry, driving strategic business expansion for significant results.”
In April 2024, INNOSPACE and LIG Nex1 signed a Memorandum of Understanding (MOU) to foster cooperation and commercialization in the space and defense industry. The initiatives of the two companies agreed are as follows: developing and jointly planning new businesses in satellite, space, and defense; collaborating on R&D for technology localization and commercialization; pursuing mutually beneficial cooperation in overseas business operations.