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LIG Nex1 building. (Photo = LIG Nex1) |
[Alpha Biz= Kim Jisun] LIG Nex1 announced on May 1 that it has signed a development agreement with the government for the Cheollian Satellite 5, which will observe weather conditions around the Korean Peninsula from an altitude of 36,000 km.
Cheollian Satellite 5 is the third weather satellite to be built domestically and marks the first privately-led project of its kind. LIG Nex1 revealed that it has entered into the 'Geostationary Weather and Space Weather Satellite Development Agreement' with the Korea Meteorological Administration, the Korea Aerospace Agency, and the Korea Meteorological Industry Technology Institute. The total contract value is 3.207 trillion won, with plans to develop the satellite system and its main body by 2031.
The satellite will remain in geostationary orbit around 36,000 km above the Korean Peninsula, observing both weather and space weather conditions in real time. LIG Nex1 emphasized that this satellite is expected to be a cutting-edge weather satellite, and it will serve as a cornerstone for the 'K-Space' era, with the first private enterprise leading the development of a geostationary satellite.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
