Hanwha Systems $30M Investment into Kymeta Corp. Approved by CFIUS
South Korean defense company Hanwha Systems Co. (HSC) has received U.S. regulatory approval for its $30 million investment into Kymeta Corp., allowing the companies to move forward to close the transaction. Kymeta announced the approval by the Committee on Foreign Investment in the United States (CFIUS) on May 25.
HSC plans to support Kymeta’s metamaterial-based antenna technology and gain a foothold in the Low Earth Orbit (LEO) antenna market. Kymeta said this funding will support increased unit production, enhanced customer experience, and the ongoing development of Kymeta’s next generation capabilities. HSC will also receive a seat on the Kymeta board of directors.
“We are thrilled that the investment is approved and eager to leverage Kymeta’s expertise in hybrid satellite and cellular connectivity solutions,” said Youn Chul Kim, CEO of HSC. “Kymeta’s solutions will further our aerospace capabilities and deliver reliable communications for our defense customers.”
The investment was first announced in December 2020. Since then, Hanwha Systems has announced its intention to build a 2,000-satellite constellation in LEO to serve mobility applications. Beyond its investment in Kymeta, the company has its own LEO antenna play as well. Hanwha Systems Phasor Solutions in 2020 and has integrated the company as Hanwha Phasor. At the time, the company said it expects its in-house satellite antenna technology to be a differentiator in the LEO mobility arena.