Satrec Initiative Co., Ltd. (“Satrec Initiative”), which specializes in high-performance small/medium Earth Observation (EO) satellite systems, has announced investments from Hanwha Aerospace Co. (“Hanwha Aerospace”), the largest defense corporation in Korea.
The total amount of investment is approximately $100 million and Hanwha Aerospace will become the largest shareholder with 30% of the shares. Both companies also have agreed on a strategic partnership for domestic and international businesses.
“This agreement provides the financial resources and strategic partnership that we can leverage for further growth,” said Ee-Eul Kim, CEO and President of Satrec Initiative. “We will expand our business to proactively respond to the growing domestic and international demands on SAR and IR satellite systems as well as optical satellite systems. Satrec Initiative will remain an independently managed company and will benefit from access to the resources of Hanwha companies renowned for their radar and IR technologies.’”
Founded in 1999 by the engineers who developed the first Korean satellite and a series of advanced smallsats, Satrec Initiative (SI) has been focusing on developing high-performance small/medium optical satellite systems for EO missions. It has contributed to the success of over 30 international and domestic space programs over the past 30 years. With two subsidiaries, the SI group has four vertically-integrated business areas in EO. The parent company, SI provides EO satellite and ground systems, SI Imaging Services focuses on satellite imagery distribution services, and SI Analytics provides AI-based geospatial analytics services.