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Boryung Corporation, Axiom Space Announce Joint Venture Agreement: A New Chapter in Partnership

2023-04-26
<p> </p><figure class='image'><img src='/img/DATA/attachFiles/file/Editor/2023/05/02/c60db1d1-5b61-440f-8683-807bae927622'><figcaption>Photo: Boryung and Axiom Space signed a joint venture establishment agreement at Washington D.C. in the presence of Christopher Koo, Chairman of KITA. From left, Christopher Koo, KITA's Chairman, Jay Kim, Boryung's Chairman and CEO, Axiom Space's Kam Ghaffarian, Executive Chairman, and Michael Suffredini, President and CEO. (It may change according to the on-site circumstance)</figcaption></figure><p> </p><p>WASHINGTON, D.C., April 25, 2023 Boryung signed an agreement to establish a joint venture (JV) with Axiom Space to pursue Space projects in low-Earth Orbit (LEO). Along with Christopher Koo, Chairman of the Korea International Trade Association (KITA), who visited the U.S. as a member of an economic mission in Washington D.C., the representatives from both companies, including Jay Kim, Chairman and CEO of Boryung, Kam Ghaffarian, Executive Chairman of Axiom Space, and Michael T. Suffredini, President and CEO of Axiom Space, attended the signing ceremony held on April 25 Washington D.C., the U.S..</p><p>Following its investment of USD 60 million as a strategic investor in Axiom Space last year, Boryung continued on with the business momentum by initiating discussions on the Joint Venture with Axiom Space as early as last March. The parties expect the new legal entity to be established by the early half of the year.</p><p>The JV, with an investment ratio of 51% and 49% by Boryung and Axiom Space, respectively, will launch in South Korea and co-promote all business areas utilizing Axiom Space’s technology and infrastructure based on Axiom Station, which will replace the International Space Station (ISS). Moreover, Axiom Space will be granted exclusive rights to private/public space projects in South Korea to proceed with the businesses. It will also create cooperative business opportunities in Asia-Pacific and global regions.</p><p>As the outpost of space exploration, LEO has risen to be the test bed for a new space age that is witnessing a fierce race of technological development among government and private sectors. The key business areas of the JV are the astronaut business, the joint manufacturing construction infrastructure-related business including South Korea’s next-generation space module, and all the R&D and experiment activities at the space station. This also means a channel has been created to utilize LEO infrastructure that has never existed in South Korea and is expected to serve as an opportunity to meet numerous government and private companies' R&D demand in a microgravity environment in the future.</p><p>The establishment of the JV will meet numerous domestic R&D needs arising from the microgravity environment. This also means a channel has been created to utilize LEO infrastructure, which has yet to be available in South Korea, significantly expanding R&D opportunities for government and private companies.</p><p>Axiom Space has been continuously securing space development projects worldwide through the 'Axiom Missions’ and is focusing on technology and portfolio advancement to conduct further space missions, such as producing the next-generation spacesuit that astronauts wear on the moon for NASA’s Artemis III lunar mission. Through the JV, Boryung will explore various business opportunities by actively utilizing Axiom Space's space development technology and infrastructure.</p><p>The signing of the agreement is particularly significant as it occurred during the South Korean President’s visit to the United States, with Jay Kim as a member of the economic delegation. With the successful launch of Nuri and Danuri, the Korean government is promoting the establishment of the Korea Aerospace Administration, aiming to become one of the world’s top seven space powers. Detailed discussions will be held during the summit to expand Space cooperation with the United States, the advanced Space industry leader, and improve business exchanges among private companies.</p><p>Jay Kim, Boryung’s Chairman and CEO, said, 'The establishment of the JV will serve as a foundation for both companies to share and jointly design future visions for space development beyond a strategic investment relationship.' He added, 'We will create an opportunity to contribute to the development of the private sector-led space industry in line with the enhancement of new space cooperation between South Korea and the United States.'</p><p>Meanwhile, Kim recently joined Axiom Space's Board of Directors. Axiom Space officially announced the appointments of three new board members, including Kim, Jeanne Tisinger, former Chief Information Officer of the U.S. Central Intelligence Agency, and retired John W. 'Jay' Raymond, who was a four-star general of the U.S. Air Force and served as the first Chief of Space Operations of the U.S. Space. Along with Founder and Executive Chairman Kam Ghaffarian, President and CEO Michael Suffredini, and Rob Meyerson, the first President of Blue Origin established by Amazon’s founder Jeff Bezos, Axiom Space's Board of Directors comprises six members.</p><p>The establishment of the JV and Jay Kim’s involvement as a board member is expected to be valuable for expediting and promoting Boryung’s Care In Space project, as Kim will be involved in the decision-making for Axiom Space’s growth and business planning alongside leading U.S. government and space industry experts.</p>
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