[SpaceX and Beyond: K-Space③] Glamour 'NO', Practicality 'YES'... The Private Rocket's Renewed Challenge

Vice President Sooyeon Shim of Perigee: "We Avoid Flashy Reusability... For Now, We're Focused on Actual Launches"

After a Reckless Failed Offshore Launch, Perigee Reinvents Itself as a Survivor in the Space Industry

Paving the Way for Priva

Editor's NoteSince SpaceX, the standards of competition in the space industry have shifted. The Asia Business Daily is highlighting the opportunities and challenges facing Korean space companies within the increasingly fierce global competition post-listing, through interviews with key domestic players in the space sector.

#1. December 2024. At the offshore launch site of rocket startup Farridge Aerospace in Jeju, the scene witnessed by the reporter was devastating. The barge prepared for the sea launch ran aground due to rough waves, which meant that the "Blue Whale" launch vehicle, developed by Farridge, could not even attempt its journey into the sky.

#2. July 2026. Okcheon Rocket Development Complex in North Chungcheong Province. Inside a factory painted black to symbolize the company’s core carbon composite technology, engineers were developing new rockets and satellite thrusters, reigniting the challenge that had halted in Jeju. The site was full of vitality.

Soomyeon Shim, Vice President of Faridge Aerospace, is posing in front of the company logo after an interview with The Asia Business Daily at the Okcheon Rocket Development Complex. Photo by Paek Jongmin, Tech Specialist

At the Okcheon facility, Vice President Shim Suyeon of Farridge, who recently met with The Asia Business Daily, stated that the company had fundamentally changed after the Jeju incident. Farridge, founded by CEO Dongyun Shin during his undergraduate years at KAIST, was fearless. Despite the lack of domestic launch sites and procedures available to private companies, they made the bold decision to float a launch pad out to sea. The outcome was painful, but the experience of failure instilled a survival instinct.

The efforts of Farridge were not in vain. The lack of private launch infrastructure came to light, serving as a catalyst that spurred regulatory changes from the government. This bold challenge left a positive impact on the Korean space industry.

◆ From Just Building Rockets to Becoming a Company That Survives = Farridge also evolved. The company reduced fixed costs and restructured its business model. Technologies initially intended solely for rockets began to be sold externally.

The company expanded its revenue streams by supplying satellite thrusters, conducting overseas educational projects using liquid sounding rockets, and selling carbon composite parts. It is also carrying out liquid sounding rocket education and follow-up programs with the Philippine Space Agency.

Vice President Shim emphasized, "To survive as a sustainable company, we have transformed into a company that sells the technology we possess."

The company's operational philosophy has changed as well. Rather than moving according to the "timeline of capital" necessary for entering the capital markets, priority is now placed on the timeline of technology. The company has returned to the true roots of a startup.

The current goal is to focus on ensuring the in-house engine generates sufficient thrust and that the self-manufactured tank and body are capable of withstanding cryogenic conditions and flight loads, enabling a safe ascent to the target altitude. Vice President Shim stated, "We will focus even more on the essence of launch vehicles."

Change also represents an opportunity for a new beginning. Farridge is currently attracting investment for its next phase of growth. After its restructuring and securing of revenue sources, the company has an opportunity to be reevaluated by the market. This marks the first test to see whether the changed attitude after the accident can translate into external trust.

Shim Suyeon, Vice President of Farridge, stands between rocket bodies made of carbon. Photo by Paek Jongmin, Tech Specialist.

◆ Practicality First, Not Just the Glamour of Reusability = The Okcheon facility houses rocket and engine assembly lines, a mission control center, carbon composite manufacturing systems, and tank testing grounds. Next to a prototype that had been prepared for the Jeju launch, a new vehicle was being assembled for the next challenge.

The carbon composite tank with no metal liner and the methane engine are core Farridge technologies. Satellite thrusters and carbon composite parts are already serving as a revenue base for the company, even before completion of a full-scale rocket.

The company's perspective on rocket reusability, as pioneered by SpaceX, has also become more grounded. Vice President Shim said, "The key is not reusability itself, but cost reduction," adding, "Achieving a spectacular landing should not be the standard." She added, "Right now, we plan to focus on actual launches."

She also noted being impressed by China’s approach—using a net instead of attempting a SpaceX-style vertical landing for the first stage of a rocket. This, she explained, underscores that practicality takes precedence over showmanship.

This content was produced with the assistance of AI translation services.