Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsTransportationKorea’s Hanwha offers rockets in bid for Canadian submarine dealThe orbital-launch investment will happen regardless of whether Hanwha wins the submarine contractAuthor of the article:Last updated 39 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Hanwha already has its eyes on other military contracts, such as a potential contract for armoured vehicles, plus an offer to build its Redback infantry fighting vehicle in Canada. Photo by HYUNGCHEOL PARK/PostmediaAs Canada prepares to award a rich contract to build as many as 12 submarines, Hanwha Corp. of South Korea is sweetening its bid by offering to help in another realm: space.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorHanwha Aerospace Co. is set to sign a memorandum of understanding with Canadian spaceport operator Maritime Launch Services Inc., according to Glenn Copeland, chief executive of Hanwha Defence Canada.Canada doesn’t currently have an active launchpad, or a launch-vehicle operator, so its satellite companies have to rely on the likes of SpaceX or other foreign entities. The government of Prime Minister Mark Carney is trying to change that and recently leased a site in Nova Scotia for a commercial spaceport.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againHanwha plans to support that effort with launch technology, Copeland said. “We’re going to invest in bringing a rocket capability to accelerate Canada’s Indigenous launch.”The orbital path available to a Hanwha rocket launched by the Korea AeroSpace Administration from the Nova Scotia base would fly over Korea, he added.The South Korean firm is competing with Germany’s Thyssenkrupp Marine Systems GmbH for the submarine contract, one of Canada’s largest available military procurements. The dozen vessels would cost in the region of $25 billion, Copeland said. Including support and maintenance, the overall value might wind up several times that figure, perhaps $100 billion to $120 billion in today’s dollars, he added.The space pledge adds another element to the Hanwha group’s pitch to Canada. It already pledged that, if selected, it would build military vehicles in Canada and buy steel from Ontario-based Algoma Steel Group Inc. — helping to offset lost revenue in core industries hit by United States President Donald Trump’s tariffs.However, the launch investment will happen regardless of whether Hanwha wins the submarine project, Copeland said.Carney said Wednesday the government is on track to make the decision by the end of June.“I’ve heard that the actual scoring and evaluation is completely done and it’s working its way up to cabinet,” Copeland said. “Everything’s pointing towards the full 12” being ordered, he added.Hanwha claims its submarines would cost less than those from Thyssenkrupp Marine, which has also offered auxiliary benefits, including through partnerships with companies such as Quebec’s CAE Inc.Copeland also argued Hanwha would be able to deliver the subs fastest. He pointed to recent remarks from Rear-Admiral David Patchell, commander of Canada’s Maritime Forces Pacific, who said that “I need them yesterday.”Copeland was speaking in Victoria, B.C. That’s close to Canada’s west coast naval base, which was being visited by a Hanwha KSS-III submarine that had travelled 14,000 kilometres from Korea for joint exercises.Copeland said Hanwha hasn’t received any indication that Carney’s government might split the contract between its two bidders.Hanwha’s campaign for the deal included an appearance by Ki-Mo Lim, Korea’s ambassador to Canada. During the day, Hanwha also announced a series of collaborations with Canadian research and development organizations across energy, critical minerals, maritime surveillance and autonomous systems.Whether Canada picks its submarines or not, Hanwha already has its eyes on other military contracts. Copeland pointed to a potential contract for armoured vehicles and said it would build its Redback infantry fighting vehicle in Canada, as it does in Australia.“We think there’s an immediate need for about 250 to 300 of those vehicles” based on the Canadian army commander’s vision, he said. After that, he added, Hanwha could offer its K9 Thunder howitzers and Chunmoo guided rockets. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.