(KPL/Yonhap) Hanwha Aerospace Co., a major Republic of Korean defense and space company, said Friday it has signed a 24 billion-won (US$17.5 million) contract to acquire technologies related to the homegrown Nuri space rocket from the state-run Korea Aerospace Research Institute (KARI).

Under the agreement, Hanwha Aerospace will receive technologies covering the entire lifecycle of launch vehicle development, including design, manufacturing and launch operations, according to the company. However, technologies related to Nuri's launchpad and propulsion test facilities were excluded from the transfer.

With this contract, Hanwha Aerospace has secured the exclusive rights to manufacture and launch the Nuri rocket through 2032.

The transfer is part of the Korean government's long-term plan to transfer space technologies to the private sector.

"This landmark deal marks the first time that the complete lifecycle technology for a launch vehicle has been transferred to the private sector in South Korea," Hanwha Aerospace said in a statement.

The 2 trillion-won Nuri, also called KSLV-II, project began in 2010, led by KARI in collaboration with over 300 private companies, including Hanwha Aerospace.

According to KARI, the 24 billion-won transfer fee was calculated based on KARI's direct research and development investment in the transferred technologies and was validated through an independent assessment by a government-designated organization.

Hanwha Aerospace said it will continue working closely with KARI on upcoming Nuri launches.

"This technology transfer is a critical milestone for improving the nation's space industry capabilities," said Son Jae-il, chief executive officer of Hanwha Aerospace. "Our goal is to build a robust and globally competitive commercial launch service, solidifying our position as a leader in the new space era."

KPL