Kolon Corp., a South Korean investment holding company for Kolon Group, contributed to the successful test launch of the country’s first private satellite rocket as it supplied space materials and parts and investment in the area to the project.

On Wednesday, Kolon announced the successful flight of HANBIT-TLV, in which Kolon DACC Composite Co., Kolon Glotech Inc. and Kolon Investment Inc. invested. HANBIT-TLV is the launch vehicle developed by Innospace, a Korean space startup, that successfully completed an engine test launch on Tuesday.

HANBIT-TLV uses ultra-light and high heat-resistance composite parts supplied by Kolon DACC. A space launch vehicle has to be lightweight and able to withstand extreme environment during liftoff.

Components produced by Kolon DACC were used for the propulsion system. In other words, Kolon’s technology was behind the composite combustion chamber that manages high-pressure helium gas and the combustion process and the composite nozzle assembly that generates propulsion by converting the combustion gas discharged in ultra-high temperatures and pressures into kinetic energy. The nose cone fairing, which acts as a shield to protect the payload or satellite from the impact of pressure and heating during launch, was produced by Kolon DACC.

Kolon also helped Innospace with research and development through investment in the company. Kolon Investment, an investment unit of the group, spent 1 billion won ($765,697) in 2019 in Innospace and additional 1 billion won in 2020.

Since then, Kolon Glotech, a mobility materials and parts company, invested 6 billion won and an additional 2.8 billion won by Kolon Investment. Kolon Group has become the largest external shareholder in Innospace with a 17.7 percent stake.

Kolon plans to use the latest launch success as a stepping stone to enhance the competitiveness in the private space sector.

By Song Min-geun and Choi Jieun

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