SEOUL, South Korea, July 31, 2024 /PRNewswire/ -- V-Space Co., Ltd., a company selected for the 'Next Unicorn Project' jointly pursued by Kangwon Land, the Small and Medium Business Corporation, the Korea Mine Reclamation Corporation, and the Foundation of Large & Small Businesses and Agricultural & Fisheries Cooperation, has unveiled significant progress in the burgeoning field of Urban Air Mobility (UAM)/Advanced Air Mobility (AAM).

On July 12, V-Space announced the rollout of its first UAM aircraft, a major milestone for the 'Next Unicorn Project.' This groundbreaking aircraft will be delivered to the Korea Aviation High School in Taebaek, Gangwon Province, where it will serve as the country's sole educational UAM vehicle, contributing to the development of future aviation talent in South Korea.

The development of this UAM aircraft was spearheaded by Yoo Soo-ho, a lead researcher who graduated from Korea Aviation High School (formerly Taebaek Mechanical Technical High School) and majored in mechatronics engineering at Inha University. Yoo's leadership in this project sets a precedent of mentorship and inspiration for future generations of aviation professionals.

V-Space plans to leverage the delivery of the first UAM aircraft to Korea Aviation High School as a starting point for broader initiatives aimed at integrating UAM into various industries such as commerce, logistics, industry, residential, and leisure sectors. This includes creating a 'World's First UAM Demonstration and Specialized City' centered around the Donggang region in collaboration with local municipalities like Yeongwol County and Taebaek City. They also aim to establish UAM commercial demonstration routes, such as the Donggang tour course.

Notably, V-Space has been selected as the lead organization for the Ministry of Land, Infrastructure, and Transport's 'Korean Urban Air Mobility (K-UAM) Safety Operation System Core Technology Development' project, which is part of the government's 12 national strategic technologies and 10 national strategic technology projects. This role involves collaborating with the Ministry of Land, Infrastructure, and Transport, the Korea Institute of Aviation Safety Technology, and others to establish regulatory standards for safe UAM flight operations, cementing V-Space's status as a pioneering startup in the future mobility sector.

V-Space is also focused on securing key technologies related to safety through ongoing research in collaboration with the Ministry of Science and ICT, the Korea Electronics Technology Institute, and Hanwha Systems. This research includes developing and demonstrating an onboard intelligent avionics software platform for recognizing and responding to abnormal situations in urban air mobility.

Jobeom Dong, Chairman of V-Space, stated, "We are making comprehensive efforts to promote and develop regional industries in collaboration with Gangwon Special Self-Governing Province. By aligning with government initiatives and being selected as the lead organization for various national research and development projects, V-Space is solidifying its position as South Korea's leading UAM specialist. Our goal is to compete on the global stage and become a leading company in the urban air mobility market."

Following this delivery, V-Space plans to further develop and mass-produce hydrogen/electric UAMs, establish flying and Maintenance, Repair, and Overhaul (MRO) facilities utilizing Gangwon's infrastructure, and commercialize these efforts on a global scale. Detailed collaboration with local governments is underway to utilize Yeongwol's UAM infrastructure and air taxi demonstration bases, as well as the unique resources of Taebaek Mountain and Donggang for initial unmanned and manned UAM commercial demonstrations.