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Foreign companies that sell defense equipment to South Korea in deals that come with offset requirements can now use Innospace launch services to meet that requirement, the South Korean rocket startup says.
Seoul’s Ministry of Trade, Industry and Resources has put Innospace’s low-Earth-orbit launch services on a list of approved ways to meet the offset requirement, the company said Nov. 3.
Innospace has yet to demonstrate its first successful orbital launch. The Hanbit-Nano failed late last year in its inaugural mission and the company is still working to return to the pad.
The company said it was the first time Seoul has made launch services an offset option, though space component purchases have previously qualified.
Innospace CEO Kim Soo-jong said: “Now that our launch services have been recognized for their potential in export cooperation, we expect to draw on our proprietary launch vehicle development and production capabilities and our global launch site network to expand partnerships with international defense and aerospace companies, win new customers and identify new business opportunities in the global market.”
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