South Korea successfully launched its fourth domestically developed space rocket, Nuri, and placed over a dozen satellites into orbit, according to the Science Ministry, marking the first launch carried out in collaboration with a private firm.

In 2021, South Korea initiated the Nuri rocket program, and during the most recent launch, the local firm Hanwha Aerospace was in charge of the rocket's manufacturing and assembly, utilizing technology provided by the government.

A YouTube live stream by the Korea Aerospace Research Institute displayed the rocket ascending into the night sky from its launchpad located in Goheung.

"This  marks the first occasion private firms have been involved in the complete process," stated South Korean President Lee Jae Myung in a message shared on Facebook.

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"Having demonstrated the independence of our science and technology, I am confident it will serve as the basis for upcoming generations," says President Lee Jae Myung.

The Nuri rocket soared from Naro Space Centre on South Korea's southern coast at 1:13 a.m. local time (1613 GMT Wednesday).

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According to South Korea's Ministry of Science and ICT, the rocket successfully placed the primary commercial satellite and 12 additional cube satellites into orbit.

Another South Korean firm, HD Hyundai Heavy, managed the launchpad.

Hanwha Aerospace and HD Hyundai Heavy shares increased by 1.6 percent during Thursday morning trading, surpassing the broader market's 1.1 percent gain.

 

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With Thursday's launch, South Korea plans to conduct a total of six test launches by 2027.

The government announced it has provided technology to Hanwha to support the private sector in developing capabilities in the space domain and to improve the nation’s competitiveness in the aerospace field.