Ibadan, 26 January 2024. – Boryung Corporation and Axiom Space have announced the formation of a joint venture, BRAX Space Corporation, to leverage the unique strengths of both companies to advance the commercialization of low-Earth orbit (LEO) and push the boundaries of space exploration. As a result, both parties will jointly explore business opportunities related to the future Axiom Station. Furthermore, the collaboration will focus on various businesses, including research and development, new initiatives in the space industry, and joint production efforts
The newly established JV will conduct all projects that Axiom Space will pursue in collaboration with South Korean companies and Government and will have exclusive domestic rights for all operations utilizing Axiom Space’s technology and space station infrastructure in LEO. Jack Lim, Head of New Portfolio Investments (NPI) Group in Boryung, will be the Chief Executive Officer (CEO) of BRAX. Lim has been overseeing Boryung’s space business, including its investment in Axiom Space. In addition, Ryan Lee, who joined Boryung in 2023 and leads the Strategic Operations Group, will be the Chief Financial Officer (CFO).
Michael Suffredini, CEO of Axiom Space, commenting on the JV, said, “Boryung has become a vital partner over the years and is quickly asserting leadership within the space industry in Korea by promoting innovation, advancing research, and unlocking the potential for large-scale, on-orbit manufacturing.” Likewise, Jay Kim, Chairman & CEO of Boryung Corporation, commented, “This joint venture with Axiom Space marks a significant milestone in our commitment to innovation and excellence. We are excited to combine our expertise with Axiom’s to create unprecedented opportunities in the space industry throughout Korea.”