Boryung said it finally concluded its deal to establish a joint venture (JV) with Axiom Space, a U.S.-based space infrastructure developer, in Korea to promote various projects in low earth orbit (LEO) and embarked on detailed discussions in May.

The two companies will jointly explore various business opportunities utilizing Axiom Space's space infrastructure and development technology through the JV.

The newly established JV will conduct all projects that Axiom Space will pursue in collaboration with Korean companies and the government.

"The JV establishment is significant as it enables Boryung to secure infrastructure to research and develop diverse space-related technologies in promoting its Care In Space (CIS) project, which is a collaborative space startup incubation program while expanding opportunities in research, development, and business by utilizing LEO at the national level," Boryung said.

Based on such progress, the company plans to conduct national space development missions and create space research and development synergies by collaborating with various companies.

"We have established a foothold to promote projects exclusively in South Korea with Axiom Space, which has the strongest competitiveness in the private sector in terms of LEO, the gateway to the Moon and Mars," Boryung CEO Jay Kim said,

Beyond Boryung's financial investment in Axiom Space, the company will continue to develop its relationship with the latter as a close strategic partner, Kim added.

Axiom Space CEO and President Michael Suffredini also said, "Axiom Space will continue expanding its capabilities in LEO, developing space infrastructure and pursuing human spaceflight missions, as well as supporting extensive research and experiment opportunities in pharmaceuticals, healthcare, and other fields through missions to the ISS today and to Axiom Station soon."

Suffredini stressed that Axiom's core partner, Boryung, is leading the way in innovative approaches to the success of long-duration human spaceflights through their CIS Program, and the company looks forward to working closely with Boryung's team to push the boundaries of space exploration.

According to Boryung, LEO encompasses Earth-centered orbits with an altitude of 2,000 km or less. It is the gateway to space where most countries execute their space budgets, and private companies compete.

The International Space Station (ISS) is also located at this altitude. It is the most active place for research and development projects implemented at the government and private sector levels.

Axiom Space is developing the world's first private commercial space station in LEO to replace the ISS, which is scheduled to retire in 2030.

In April 2022, Ax-1, the world's first all-private astronaut mission, was also successfully implemented by Axiom Space.

Boryung stressed that Axiom Space is also becoming NASA's key partner by expanding its business in various areas based on next-generation technology and private space stations.

NASA selected Axiom Space as the Artemis 3 spacesuit's manufacturer in June 2022, and the company unveiled AxEMU (Axiom Extravehicular Mobility Unit), the new next-generation spacesuit, on March 15.