Seoul: LIG Nex1 Co., a key player in South Korea's defense and aerospace sectors, has announced the signing of a 320.7 billion-won (US$224 million) contract to spearhead the development of the Chollian Satellite 5, a next-generation geostationary weather satellite for South Korea.

According to Yonhap News Agency, the satellite project is a collaborative effort involving the Korea Meteorological Administration, the Korea AeroSpace Administration, and the Korea Meteorological Institute. The agreement to jointly develop the satellite was formalized on Wednesday.

As part of the agreement, LIG Nex1 will take the lead in developing both the satellite system and its main body. The satellite is scheduled for launch in 2031 and will be positioned in geostationary orbit approximately 36,000 kilometers above the equator. It will provide continuous monitoring of weather and space weather, marking it as one of the most advanced satellites in this category worldwide.

LIG Nex1 has expressed its intent to utilize its 20 years of experience in the field to enhance its system integration capabilities while expanding its services in satellite utilization.