South Korean defense and aerospace company LIG Nex1 announced Thursday it signed a 320.7 billion won ($223 million) development agreement with government agencies to build the Cheollian Satellite 5, a next-generation geostationary weather satellite.

This is the country’s third domestically developed weather satellite and the first such project to be led by a private firm. The agreement was signed with the Korea Meteorological Administration, the Korea Aerospace Administration, and the Korea Meteorological Institute.

The satellite will remain in orbit about 36,000 kilometers above the Korean Peninsula, providing real-time observation of atmospheric and space weather. LIG Nex1 will oversee the system and satellite body development through 2031.

The company said the project is expected to serve as a cornerstone of Korea’s private-sector-led “K-Space” era and aims to deliver one of the world’s most advanced weather monitoring systems.

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