Core space launch vehicle tech to be transferred from KARI to Hanwha Aerospace

South Korea will be transferring its Nuri rocket technology to a private company.

According to the Korea Aerospace Administration on Friday it has sealed a deal to transfer core technology from the government-led space launch program to Hanwha Aerospace.

Hanwha was selected after evaluation by experts tapped by the Trade Ministry and researchers from the Korea AeroSpace Research Institute.

Experts believe this deal to commercialize the country's space launch program will serve to spearhead private space ventures.