KOREAN STARTUP TEST-FIRES SPACE ROCKET

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South Korea's first civilian-made space rocket HANBIT-TLV was successfully test launched at Brazil Air Force’s Alcantara Space Center. With a rise in demand for satellites, attention is being drawn to whether the launch will serve as a kickoff for private Korean companies entering the rocket launch market.

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[Soundbite] "3,2,1."

A rocket soars into the skies, leaving a tail of smoke and flare. This is HANBIT-TLV developed by Korean startup Innospace for about five years. The 16-meter-tall rocket is the nation's first to be equipped with a 15-ton hybrid engine combining merits of solid and liquid fuel. This launch was conducted to validate the performance of the engine. The rocket flew for four minutes and 33 seconds after takeoff. In cooperation with Brazil's Air Force, which also provided the launch site, the launch was prepared since late last year and was eventually carried out, following a series of delays.

[Soundbite] Rodrigo José Fontes(Brazilian Air Force Colonel) : "All members of our Alcantara Space Center took part in this launch. It was an opportunity for us to make a great leap as well."

Based on Monday's test firing, Innospace plans to launch a more advanced rocket next year called "HANBIT-Nano," which carries a small satellite. With a rise in demand for satellites, the global space launch services market is expected to grow from 18 trillion won last year to over 40 trillion won by 2029. In addition to Naro and Nuri rockets developed through state-led projects, Korean private companies have entered the small rocket market.

[Soundbite] Kim Soo-jong(CEO, Innospace) : "The experiences and know-how we got while preparing for the launch will give us the key technical skills for the future. The flight performance test is a crucial stage in order to secure original space rocket technology."

After analyzing the flight data of the rocket with the Brazilian Air Force, Innospace announced that the launch was a success.