INNOSPACE, a private space launch vehicle company, has signed a memorandum of understanding (MOU) with RSAT Space, a Montreal-based Canadian aerospace and defense technology firm, for cooperation in satellite launch services and space systems.
According to industry sources on Friday, the two companies agreed through the accord to jointly explore cooperation opportunities in North America, including Canada, and in other mutually agreed global regions. The companies also plan to jointly participate in future Canadian government and private projects, and to cooperate in identifying new business opportunities combining satellite launch services with advanced space system technologies.
INNOSPACE has recently been strengthening its customer-focused, low-cost and rapid launch competitiveness based on the development and launch operation capabilities of its HANBIT launch vehicle. "We expect cooperation with RSAT, which has carried out projects in various fields such as space system integration, launch mission support and infrastructure construction, to create complementary synergy," INNOSPACE said.
The latest agreement follows a non-binding letter of intent (LOI) that INNOSPACE signed last month with Canada's Maritime Launch Services (MLS) to secure a launch site foothold. Analysts say the company has laid a strategic foundation for repeatedly launching satellites from the region at the local launch site, opening up possibilities for local industrial expansion.
"Through this cooperation, we have concretized the possibility of expanding our launch service business in Canada and the broader North American market, and established an executional foundation to stably respond to local launch demand," INNOSPACE CEO Kim Soo-jong said. "Going forward, we will build a sustainable business structure by strengthening partnerships with local industry and by discovering and expanding new cooperation models."
