Boryung Corporation, Axiom Space Announce JV to Revolutioniz
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This news is classified in: Aerospace Space

Jan 15, 2024

Boryung Corporation, Axiom Space Announce JV to Revolutionize Space Industry in Korea

Boryung Corporation, a pioneer in innovative solutions based in South Korea, and Axiom Space, a leader in commercial human spaceflight and architect of the world’s first commercial space station, are proud to announce the formation of a joint venture aiming to leverage the unique strengths of both companies to advance the commercialization of low-Earth orbit (LEO) and push the boundaries of space exploration.

Through the JV, Boryung and Axiom Space will jointly explore business opportunities related to the future Axiom Station. The newly established JV will conduct all projects that Axiom Space will pursue in collaboration with South Korean companies and government and will have exclusive domestic rights for all operations utilizing Axiom Space’s technology and space station infrastructure in LEO.

The joint venture, named BRAX Space Corporation, will be headquartered in South Korea. The collaboration will focus on various businesses, including research and development, new initiatives in the space industry, and joint production efforts.

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Jay Kim, Chairman & CEO of Boryung Corporation, expressed enthusiasm about the partnership, saying, "This joint venture with Axiom Space marks a significant milestone in our commitment to innovation and excellence. We are excited to combine our expertise with Axiom's to create unprecedented opportunities in the space industry throughout Korea."

Jack Lim, Head of New Portfolio Investments (NPI) Group in Boryung, has been appointed as the Chief Executive Officer (CEO) of BRAX. Lim has been overseeing Boryung's space business, including its investment in Axiom Space. In addition, Ryan Lee has been appointed as the Chief Financial Officer (CFO). Lee joined Boryung in 2023 and leads the Strategic Operations Group, which is responsible for investment review, finance, accounting, and legal affairs.

"The launch of BRAX is significant in that it opens the way for Korea to utilize the space station for space exploration, scientific research, and commercial purposes," said Lim. "As access to low-Earth orbit expands, the demand to utilize space platforms for research and experimentation will continue to grow."

BRAX Space Corporation will initiate its operations by focusing on several key areas, including research and experimentation platform services on Axiom Station, Korean human spaceflight projects, and joint development of space station modules.

"We have established a foothold to promote projects exclusively in South Korea with Axiom Space, which has the strongest competitiveness in the private sector in terms of LEO, the gateway to the Moon and Mars," Kim said. "Beyond our financial investment in Axiom Space, we will continue to develop our relationship as close strategic partners.”

Michael Suffredini, CEO of Axiom Space, added, “Boryung has become a vital partner over the years and is quickly asserting leadership within the space industry in Korea by promoting innovation, advancing research, and unlocking the potential for large-scale, on-orbit manufacturing. We are pleased to join Boryung in the venture to shape the future of LEO for their nation.”