Flexcell Space secured approximately 25 billion KRW in Series A funding with participation from Mirae Asset Financial Group as a new investor. Mirae Asset Venture Investment and Mirae Asset Capital joined the round, marking the financial group's expansion into domestic space technology after its earlier SpaceX investment. The funding round brings the next-generation space solar cell startup's total cumulative investment to approximately 30 billion KRW since spinning out from Hanwha Systems in September 2024. The investment reflects institutional recognition of the company's technology in lightweight, high-efficiency solar cells for satellites and space infrastructure. Mirae Asset's participation extends its space industry portfolio from global companies to Korean source technology.
Flexcell Space Raises 25 Billion KRW Series A with Mirae Asset Participation
Flexcell Space completed its Series A investment round of approximately 25 billion KRW. New investors include Mirae Asset Venture Investment, Mirae Asset Capital, IBK Industrial Bank, NH Venture Investment, IBK Investment & Securities·Seoul ZV, Korea Investment & Securities, and Korea Credit Guarantee Fund. Existing investors Intervest, L&S Venture Capital, and Quad Ventures participated in follow-on investment.
The company spun out from Hanwha Systems in September 2024 after operating as an internal venture. In its Pre-A round, Flexcell Space raised approximately 5 billion KRW from Hanwha Systems, LK Chem, Intervest, L&S Venture Capital, and Quad Ventures. Total cumulative funding reaches approximately 30 billion KRW within two years of founding.
Company Develops Perovskite and CIGS-Based Space Solar Cells
Flexcell Space develops high-efficiency, ultra-lightweight, flexible solar cells based on perovskite and CIGS (copper, indium, gallium, selenium) materials. The cells feature a rollable structure that allows them to be folded for launch and deployed in space. The technology enables large-area production compared to existing space solar cells.
The company's solar cells target applications across small and large satellites, high-altitude platform stations (HAPS), space stations, space data centers, and lunar and Mars exploration vehicles. CFO Lee Geo-san stated that low Earth orbit satellite networks, space stations, and space data centers are emerging as new space infrastructure requiring lighter, more affordable, large-area power sources.
Nuri-ho Launch and ISS Demonstration Planned
Flexcell Space will conduct its first space demonstration by mounting its solar cells on the Nuri-ho rocket's fourth launch in November. The company plans to pursue International Space Station (ISS) demonstration next year to verify product reliability under actual space conditions including radiation, thermal vacuum, thermal cycling, and light stability.
The company is conducting technical and business cooperation with global satellite manufacturers including Airbus, Terran Orbital, and Thales Alenia Space. The raised funds will be deployed for core equipment procurement, pilot production line advancement, core process internalization, mass production design, and space environment verification. The company will supply samples to global customers for joint evaluation and accelerate overseas business development.
Flexcell Space Targets Mass Production After 2028
CFO Lee Geo-san, who handled finance and strategy at Hanwha for 17 years, stated that the Series A round represents market recognition that the company's technology and business viability have entered the commercialization stage. He emphasized that the company will accelerate mass production system construction after securing trust from major domestic investment institutions within two years of founding.
Flexcell Space plans to establish a full-scale mass production system after 2028 to expand supply of space solar cells and modules. The company will accelerate joint development with global customers and pursue future space infrastructure markets. Lee stated the company aims to position itself as a comprehensive space energy solution provider applied to actual space missions, beyond a research and development-focused technology company.
FAQ
What is Flexcell Space's total funding after the Series A round?
Flexcell Space's total cumulative investment reaches approximately 30 billion KRW, including approximately 5 billion KRW from the Pre-A round and approximately 25 billion KRW from the Series A round.
What space demonstrations has Flexcell Space planned?
Flexcell Space will mount its solar cells on the Nuri-ho rocket's fourth launch in November for its first space demonstration. The company plans to pursue International Space Station (ISS) demonstration next year to verify product reliability under actual space conditions.
When does Flexcell Space plan to begin mass production?
Flexcell Space plans to establish a full-scale mass production system after 2028 to expand supply of space solar cells and modules to global customers.
