South Korean defense major Hanwha Aerospace has entered into a partnership with General Atomics Aeronautical Systems (GA-ASI) to develop and jointly produce Unmanned Aircraft Systems (UAS) for the global defense market.

Hanwha will co-produce the MQ-1C Gray Eagle STOL (Short Take-Off and Landing) UAS in South Korea and invest US$511 million (750 billion KRW) in development and production facilities for Gray Eagle STOL and UAS engines, building research, development, and production infrastructure in the country.

Hanwha Aerospace said in a statement that the partnership with GA-ASI and production infrastructure for the Gray Eagle STOL and UAS engines will help develop a domestic UAS industry ecosystem in Korea by identifying local component and material supplier companies.

The company aims to achieve its first flight in early 2027 and plans to expand to global markets.

MQ-1C Gray Eagle STOL

The collaboration on MQ-1C Gray Eagle STOL builds on a successful flight demonstration in 2024 when the companies launched a GA-ASI MQ-1C Gray Eagle STOL UAS from the South Korean navy’s amphibious landing ship ROKS Dokdo (LPH-6111) while underway at sea off the coast of Pohang, South Korea.

This demonstration illustrated the Gray Eagle STOL’s ability to operate on many types of aircraft-capable ships, opening numerous new ways for the U.S. and its allies to support multi-domain operations.

Hanwha Aerospace claims that the Gray Eagle STOL is the only medium-altitude, long-endurance aircraft of its kind that can operate without a catapult or arresting gear from flight deck-equipped warships such as aircraft carriers.

The South Korean company said in a statement that it is also capable of operating effectively from unimproved surfaces such as roads, beaches, parking lots, etc.

“Short takeoff and landing (STOL) capability is a game changer, and when combined with the Gray Eagle UAS, it becomes a force multiplier for global combat operations. Gray Eagle STOL offers unprecedented runway independence, able to launch from warships to dirt fields and everywhere in between,” GA-ASI claims on its website.

“This revolutionary capability enables multi-mission expeditionary versatility with high payloads supporting contested logistics along with considerable firepower for attack and reconnaissance missions.”

GA-ASI says that Gray Eagle STOL can be configured for several operations, including Armed Reconnaissance, Contested Logistics, Advanced Teaming With Air-Launched Effects, Signals Intelligence, Electronic Warfare, Long-Range Strategic ISR, and Over-the-Horizon Targeting.

The UAS has a payload capacity of 1.6 tons.

Previously known by GA-ASI’s internal codename Mojave, Gray Eagle STOL leverages extensive commonality with the well-proven, in-production Gray Eagle 25M airframe. This provides a highly capable new aircraft at greatly reduced cost and technical risk compared to a clean-sheet design.

The aircraft has recorded numerous first-of-their-kind aviation milestones, including the flight from ROKS Dokdo, launch and recovery aboard the British aircraft carrier HMS Prince of Wales (09), live fire tests at Yuma Proving Ground, Arizona, and several others.

“Hanwha Aerospace views unmanned systems as a strategic pillar for the future of defense. Through our collaboration with GA-ASI, we aim to strengthen sovereign defense capabilities, expand Korea’s presence in the global UAS market, and contribute to a more robust ROK-US alliance,” said Dong Kwan Kim, Vice Chairman of Hanwha Group.

“We’re excited to extend and deepen our business relationship with Hanwha,” said GA-ASI CEO Linden Blue, who supervised the November 12, 2024, at-sea demonstration. “Our test flight with Gray Eagle STOL was well-received by the Republic of Korea Navy, and we know Hanwha is ready to invest to grow a UAS business with GA-ASI in Korea and the U.S.”

With this agreement, Hanwha plans to enter the unmanned aircraft systems market, which is projected to reach US$3.5 billion (5 trillion KRW) globally by 2040.

Hanwha Aerospace

Hanwha Aerospace is a global aerospace and defense company that offers a broad portfolio of products and services. These include land combat vehicles such as the world-renowned K9 Self-Propelled Howitzer and the Redback Infantry Fighting Vehicle, various other weapons systems, munitions, aircraft engine parts, and technology products and services.

As South Korea’s largest aerospace and defense company, Hanwha Aerospace is engaged in the research, development, and manufacture of advanced technology systems and is spearheading the country’s space projects.

Notably, the company has received orders from all over the world and has witnessed spectacular revenue growth in the past few years. In fact, Hanwha Aerospace has emerged as the world’s best-performing defense stock in the last five years.

Hanwha Aerospace shares have risen by more than 3,100% in the last five years, by more than 175% in the last year, and by more than 7% in the last month, making it the best-performing defense stock on Bloomberg’s WORLD index.

On December 30, 2024, Hanwha Aerospace’s share stood at 326,500 KRW (South Korean won). On March 18, the stock touched 764,000 KRW, more than doubling in value in less than three months.

The unprecedented rally in Hanwha’s stock is clearly reflected in its revenue performance, which has continued to soar over the past two years.

In 2024, the South Korean defense company recorded its second consecutive year of record-breaking sales, achieving a historic milestone as its overseas sales exceeded domestic sales for the first time in its history.

According to Hanwha Aerospace’s regulatory filing released in early 2025, the company recorded a total revenue of 11.25 trillion won (US$7.74 billion) in 2024, reflecting a 43% year-on-year increase.

Its operating profit surged by 190% compared to the previous year, reaching 1.72 trillion won (US$1.18 billion). With these figures, Hanwha Aerospace became the first South Korean defense firm to surpass 10 trillion won (US$6.88 billion) in annual revenue, and 1 trillion won (US$688 million) in operating profit.

The company attributed its financial success primarily to its defense division, which generated approximately 7 trillion won (US$4.82 billion) in revenue and 1.57 trillion won (US$1.08 billion) in operating profit.

The strong demand for Hanwha’s advanced land defense systems, including the K9 self-propelled howitzer, the Chunmoo multi-caliber rocket artillery system, and the Skyfall 120-millimeter self-propelled mortar system, drove the performance.

A key highlight of 2024 was the sharp increase in Hanwha Aerospace’s exports, which amounted to 4.4 trillion won (US$3.03 billion), surpassing its domestic sales of 4 trillion won (US$2.75 billion).

Due to this remarkable success, the South Korea-based company has gained considerable recognition for its success in international arms markets, with many even labeling it as a “Korean-version Lockheed Martin.”

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