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Boryung Invests USD 10 Million in Intuitive Machines to Collaborate on Lunar Healthcare Infrastructure

2024-12-04
<p>Boryung has announced a strategic investment of USD 10 million (approximately KRW 14 billion) in Intuitive Machines, Inc., the first private company to land on the Moon successfully.</p><p>Boryung will participate in Intuitive Machines' USD 65 million underwritten public offering through a concurrent private placement, acquiring 952,381 shares of Class A common stock. Major U.S. funds and global institutional investors are expected to participate in the public offering under the same terms as Boryung.</p><p>Boryung established a strategic partnership with Intuitive Machines in December last year to explore the possibility of building essential infrastructure for life science research on and around the Moon. At the IAC (International Astronautical Congress) in Milan this October, the two companies signed an MOU to develop a platform for space healthcare experiments using Intuitive Machines' lunar lander and LTV (Lunar Terrain Vehicle) designed for NASA's Artemis program. This strategic partnership solidifies Boryung's commitment to space exploration and innovation.</p><p>Intuitive Machines, a NASDAQ-listed company, reached a historic milestone in February by successfully executing its first lunar landing mission, IM-1. This achievement positions it as the first private entity to attain such a feat. The next mission, IM-2, is scheduled for February next year. Aligned with NASA's lunar exploration strategy, Intuitive Machines is constructing diverse lunar infrastructure, encompassing a Lunar Lander, a Lunar Terrain Vehicle (LTV), and a Lunar Network System. With NASA contracts for these core businesses, Intuitive Machines is well-positioned to become a leading provider of comprehensive lunar exploration solutions.</p><p>Boryung explained that through its 'Humans In Space' program and collaborations with NASA and ESA, it recognized the increasing significance of space healthcare, particularly for missions beyond low-Earth orbit, such as lunar missions and the Artemis program. To address these needs, it plans to leverage Intuitive Machines' Lunar Lander and Lunar Terrain Vehicle (LTV) to advance medical research in space further. The company emphasized that it aims to leverage this investment to explore various opportunities to contribute to South Korea's deep space exploration missions, accelerating the nation's journey to become a global leader in the new space age.</p><figure class='image'><img src='/img/DATA/attachFiles/file/Editor/2024/12/05/239a8d22-ad8c-482a-ac26-0aa529d11c26'><figcaption>(image: Intuitive Machines' first lunar lander, Nova-C [Source: Intuitive Machines’ official website])</figcaption></figure><p> </p>
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