Korean startup races to space with unique innovation

[Courtesy of Perigee Aerospace]

South Korean space startups are participating in what amounts to the global space race. Following the successful launch of Innospace’s test rocket HANBIT-TLV in March 2023, Perigee Aerospace is preparing to launch its own rocket on May 27, 2024. If the next launch is successful, it will be South Korea’s first privately developed rocket. The company is aiming to expand into space and is expected to aim for an initial public offering (IPO) after launch.

Perigee Aerospace announced plans to launch a blue whale from western Jeju Island on May 27, using a developer-owned sea-launch platform called Cetacea 1, no later than the first quarter of 2024. A blue whale rises from a launchpad in the ocean. , enter suborbital flight and descend to sea level within a controlled radius.

Perigee Aerospace was founded in 2016 when Shin Yun was 19 years old. Shin Yoon grew up in Canada following his family’s immigration and later attended the Korea Advanced Institute of Science and Technology (KAIST), graduating in 2017 with a major in aerospace engineering. With an initial angel investment worth 1.4 billion won ($1.01 million) in 2018, the company has grown from a start-up to a joint-stock company, attracting around 57 billion won in investments, according to the latest data.

Perigee Aerospace is developing a compact two-stage space launch vehicle with a length of 20.6 meters. The Blue Whale rocket is powered by liquid methane and can transport a 150 kilogram satellite to a sun-synchronous transfer orbit 500 kilometers above Earth. Unlike traditional liquid-engine rockets that use kerosene as fuel, methane offers cost advantages and produces no residue. .

The company confirmed its commitment to showcasing the superior capabilities of domestic space enterprises in space technology.

Among startups striving to pioneer space launch vehicles, Unastera stands out as Korea’s top manned launch vehicle company. Founded in 2022, the startup aims to provide suborbital space travel services by building launch vehicles designed for human spaceflight at speeds of up to 100 kilometers.

Go Jae-won, Han Yu-bin

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