Boryung Corporation, a company based in South Korea, has teamed up with Axiom Space, a commercial human spaceflight company, to form a joint venture that aims to advance the commercialization of low-Earth orbit (LEO) and push the boundaries of space exploration. The joint venture, called BRAX Space Corporation, will be headquartered in South Korea and will focus on various businesses, including research and development, new initiatives in the space industry, and joint production efforts.
Jay Kim, Chairman & CEO of Boryung Corporation, expressed excitement about the partnership, stating that it marks a significant milestone in their commitment to innovation and excellence. He believes that combining their expertise with Axiom’s will 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 CEO of BRAX, while Ryan Lee will serve as the CFO.
Lim emphasized the significance of BRAX, stating that it opens the way for Korea to utilize the space station for space exploration, scientific research, and commercial purposes. As access to low-Earth orbit expands, the demand for utilizing space platforms for research and experimentation will continue to grow.
BRAX Space Corporation will initially focus on research and experimentation platform services on Axiom Station, Korean human spaceflight projects, and joint development of space station modules. Kim highlighted that the joint venture provides an opportunity for South Korea to collaborate exclusively with Axiom Space, which has strong competitiveness in LEO.
Michael Suffredini, CEO of Axiom Space, expressed his pleasure in partnering with Boryung, stating that they have become a vital partner within the space industry in Korea. He commended Boryung for promoting innovation, advancing research, and unlocking the potential for large-scale, on-orbit manufacturing. Suffredini believes that this venture will shape the future of LEO for South Korea.