Ahn Tae-hun (right), CEO of Flexell Space, and Marc Bell, CEO of Terran Orbital, shake hands after signing a memorandum of understanding on June 25. (Hanwha Systems)

Hanwha Systems said Friday that its in-house venture Flexell Space had teamed up with US satellite manufacturer Terran Orbital, paving the way to enter the US market and expand its businesses.

According to the announcement, the two sides inked a memorandum of understanding on solar cell supply and international business cooperation. They plan to co-develop satellite solutions to bolster their presence in both US and Asian markets.

As the first part of their partnership, Flexell Space will supply Terren Orbital with its space tandem solar cells, which are considered the next-generation solar cells due to their increased efficiency and better cost-effectiveness.

The two companies are currently working together to take part in the US government bids in the satellite and solar cells sector.

“Flexell's ability to mass-produce these advanced solar cells not only addresses existing market bottlenecks but also exceeds performance requirements, positioning us as a game-changer in the realm of space solar technology,” said Ahn Tae-hun, CEO of Flexell Space.

“We look forward to strengthening our position in the global satellite industry through a variety of technical collaborations with Terran Orbital.”

The rest of the MOU includes collaborative research and development on satellite power systems, development of next-generation satellite technologies that can secure them a strategic lead in the global market and sharing resources to improve their products and gain an edge in the cost competitiveness.

Terran Orbital offers satellite-based solutions to the aerospace and defense industries in both the private and military sectors. In 2022, Lockheed Martin invested $100 million in Terran Orbital to collaborate on the development and sales of small satellites.

“We are thrilled to announce our strategic partnership with Hanwha Systems,” said Marc Bell, CEO of Terran Orbital.

“This collaboration marks a significant milestone, enabling us to expand our satellite solutions and deliver unparalleled service to a broader customer base across Asia. Together, we are poised to drive innovation and elevate the standards of excellence in the satellite industry.”

An image of tandem solar cells developed by Flexell Space (Hanwha Systems)