Hanwha Aerospace Co. is set to fully acquire the technology behind South Korea’s first homegrown space launch vehicle, the Nuri rocket.

According to the Korea Aerospace Administration and other sources on Tuesday, Hanwha and the Korea Aerospace Research Institute (KARI) finalized the terms of the technology transfer last Friday. The deal is valued at approximately 24 billion won ($17.4 million).

The Nuri rocket was developed over a 12-year period from 2010 to 2022 by KARI and around 300 domestic aerospace companies, with a total government investment of about 2 trillion won. The rocket has been launched three times, with two successful missions. To advance the program even further, the government decided to select a system integrator to take over the technology and lead its commercialization. The initiative aims to foster a Korean equivalent of Space Exploration Technologies Corp. (SpaceX), which grew after acquiring technology from the U.S. National Aeronautics and Space Administration (NASA). Hanwha Aerospace was named the preferred negotiation partner in October 2022.

The conclusion of the transfer agreement is expected to accelerate the development of Korea’s private space sector. Industry watchers anticipate that Hanwha will begin full-scale commercialization of space launch vehicles.

A signing ceremony for the transfer is scheduled for this Friday, with Korea Aerospace Administration chief Yoon Young-bin expected to attend.

“With the technology now transferred to the private sector, the potential applications of the Nuri rocket will expand significantly,” Yoon said, calling the agreement a first step toward rebuilding trust and fostering future collaboration between KARI and Hanwha Aerospace.

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