A rendered image of the Chollian Satellite 5. (Image courtesy of the Korea Meteorological Administration)
SEOUL, May 1 (Korea Bizwire) — LIG Nex1 Co., a major South Korean defense and aerospace company, said Thursday it has signed a 320.7 billion-won (US$224 million) deal to develop the Chollian Satellite 5, South Korea’s next-generation geostationary weather satellite.
The satellite project will be carried out in collaboration with the Korea Meteorological Administration, the Korea AeroSpace Administration and the Korea Meteorological Institute. A joint development agreement was signed between the parties on Wednesday.
Under the deal, LIG Nex1 will serve as the lead developer for both the satellite system and its main body.
The satellite is slated for launch in 2031 and will operate from an orbit approximately 36,000 kilometers above the equator. It will provide around-the-clock weather and space weather monitoring, and is expected to be among the most advanced satellites of its kind globally.
LIG Nex1 said it aims to leverage its two decades of experience in related fields to enhance its system integration capabilities and expand its services into areas of satellite utilization.
(Yonhap)
