Beyond Horizons
Trailblazing Tales from Asia
Your exclusive gateway to the latest developments across transportation and space, and most importantly, how to finance it all - debt, equity, and defi! We follow and forecast where the money’s at.
Join us as we navigate through the latest roundup to uncover key developments across the region.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**
Read
AI Agents: Governing Autonomy in the Digital Age
Joe Kwon’s report, AI Agents: Governing Autonomy in the Digital Age, outlines three major risks posed by autonomous AI agents: misuse for cyber or physical attacks, gradual erosion of human control as decision-making shifts to opaque systems, and large-scale workforce displacement. The report highlights projections such as Goldman Sachs' estimate that AI could automate tasks equal to 300 million full-time jobs globally.
To address these risks, Kwon proposes targeted policy actions: (1) create an “Autonomy Passport” to register and track high-capability agents; (2) mandate oversight with the ability to suspend unsafe systems; (3) require human approval for high-stakes decisions; and (4) monitor employment impacts through annual federal reporting.
Events
Asian Sky Forum 2025
The Asian Sky Forum 2025 will take place from June 24–26 at the Avani+ Riverside in Bangkok, Thailand. With 200 to 250 attendees expected, the forum will bring together key stakeholders including aircraft operators, owners, charter companies, MRO providers, financiers, regulators, and industry suppliers for networking and in-depth discussions on the future of business aviation in Asia.
Learn more about the event here.
The Advanced Air Mobility Asia Symposium (AAM Asia)
The Advanced Air Mobility Asia Symposium (AAM Asia) will take place from September 16-18, 2025, at Aichi Sky Expo, Japan. The event will explore Asia’s evolving Advanced Air Mobility (AAM) ecosystem, covering use cases, infrastructure, air traffic management (ATM/UTM), MRO, and regulations.
Learn more about the symposium here.
Industrial Transformation ASIA-PACIFIC (ITAP) 2025
Industrial Transformation ASIA-PACIFIC (ITAP), the region’s leading Industry 4.0 event, will return to Singapore EXPO from 15–17 October 2025. The event connects global industry leaders and innovators to accelerate digital transformation, showcase cutting-edge manufacturing technologies, and promote sustainable industrial practices.
Learn more about the event here.
Summary
Financing & Investments: Asian Battery Makers Dominate Global Mineral Market; Chinese Firms to Boost Indonesia’s EV Industry; ACWA Power Eyes $10 Billion Clean Energy Investment in Malaysia; Chartwell Capital Launches VCC Feeder Fund in Singapore with Tembusu Partners; BHP Launches AI Hub in Singapore to Boost Mining Innovation; Allianz GI Launches First Active Equity ETF in Taiwan; and Vietnam Proposes Raising Việt Nam–Oman Investment Fund to $1 Billion
Environmental Sustainability: Australia Hits Record $12.7B in Clean Energy Investment in 2024; Cambodia Launches 2024–2033 Climate Strategy to Cut Emissions; CATL and Lanzhou Partner for Zero-Carbon City in Northwest China; IATA Warns of SAF Cost Challenges Despite Projected Growth; and TotalEnergies and RGE Win License to Import 1 GW Renewable Power
Aviation: Virgin Australia Courts Investors as IPO Decision Nears; Beonic and New Zealand CAA Team Up on AI Airport Tech; Embraer Deepens India Commitment with New Subsidiary; SATS Invests S$250 Million to Upgrade Changi Airport Operations; and Singapore and France Expand Aviation Partnership with Innovation Focus
Advanced Air Mobility: AMSL Aero Advances Hydrogen-Powered Flight in Australia; Aerofugia Advances AE200 eVTOL Certification and Operations; EHang Reports Q1 2025 Results with Decline in Revenue and VT35 Progress; EHang Expands Partnership to Boost Low-Altitude Economy; Advanced Air Mobility Institute Reports Rapid Growth and Global Impact; and Joby Aviation Closes Toyota Funding, Eyes Japan Market
Marine: Malaysia, Singapore, and Vietnam to Develop Cross-Border Clean Power Link; Acen Acquires 25% Stake in Philippines Offshore Wind Project; LS Marine to Build One of World’s Largest Cable-Laying Vessels; Taiwan Cancels Development Rights for 600MW Offshore Wind Projects; and CMA CGM to Build First Terminal in Northern Vietnam
Space: China Launches AI Satellite Cluster for Space-Based Supercomputing; China Launches Tianwen 2 Asteroid Sample-Return Mission; First Cross-Country 5G Satellite Link Demo by SUTD; Türkiye’s Türksat-6A to Broadcast to India, Indonesia, Malaysia, and Thailand; Thaicom Teams with GGC on Carbon Monitoring and Digital Access; and Airbus, CNES, and Vietnam’s VAST Agree to Deepen Earth Observation Cooperation
Financing & Investments
Asia
South Korea, China, and Japan continue to control 94% of the global battery mineral purchases despite a temporary dip in electric vehicle demand. In Q1 2025, these countries spent $3.01 billion on battery metals, with China leading at 54%, followed by South Korea at 30.5% and Japan at 9.2%.
China dominates lithium iron phosphate (LFP) battery production, while South Korea and Japan focus on nickel-cobalt-manganese (NCM) batteries, but China is rapidly advancing in NCM technology too. China also holds a major advantage in securing raw materials, with stakes in 407 critical mineral mines worldwide, mainly in Africa. In contrast, Japan and South Korea have stakes in far fewer mines, relying more on partnerships and imports.
💡South Korea remains over 90% dependent on China for key materials like precursors and graphite, highlighting the region’s interdependence in battery supply chains.
Indonesia
Four Chinese companies plan to set up electric vehicle (EV) manufacturing facilities in Indonesia, aiming to strengthen the country’s EV and battery sectors.
💡Interest from both Chinese and European automotive companies in Indonesia has grown, partly due to U.S. import tariffs encouraging shifts in production strategies. Indonesian officials note that trade tensions have prompted firms to consider expanding or relocating operations to Indonesia, with long-term investment plans currently being negotiated.
Malaysia
ACWA Power announced major agreements with Malaysian partners during the ASEAN-GCC Summit, potentially leading to $10 billion in investments to boost Malaysia’s clean energy sector. The partnerships align with Malaysia’s National Energy Transition Roadmap and Saudi Vision 2030, aiming to develop up to 12.5 GW of power capacity by 2040, helping Malaysia reach 70% renewable energy by 2050.
💡Key deals include an MoU with the Malaysian Investment Development Authority and agreements with Tenaga Nasional Berhad, Terengganu Inc., and UEM Lestra to explore projects like floating solar, gas turbines, and large desalination plants.
Singapore
Chartwell Capital has launched a new Singapore Variable Capital Company (VCC) feeder fund in partnership with Tembusu Partners. The fund will channel capital into the Hong Kong-based Chartwell Asia Pacific Income Fund, which invests in listed Asian companies with strong cash flow, typically controlled by founding families.
💡The new vehicle has attracted backing from several Singaporean families and institutions, including Tembusu, who will co-invest alongside Chartwell’s existing network of over 50 Hong Kong-based investors. Chartwell aims to provide income and stability by supporting family-backed businesses across the region, while Tembusu sees the offering as a strong fit for investors seeking balanced returns.
Singapore
BHP will open its first Industry AI Hub in Singapore this month to accelerate digital transformation and AI adoption across its global mining operations. The hub will focus on integrating AI into core functions to enhance safety, productivity, and data-driven decision-making.
💡Supported by Enterprise Singapore and in partnership with AI Singapore, the initiative leverages Singapore’s strong innovation ecosystem and digital infrastructure. BHP’s AI team will work with local partners to develop practical solutions for enterprise-wide challenges, building on successful AI applications like improved plant control at Chile’s Escondida mine.
Taiwan
Allianz Global Investors (GI) has officially entered the global active ETF market with the launch of its Allianz Taiwan High Dividend Growth Active ETF, which focuses on Taiwan-listed stocks by combining dividend yield and growth strategies.
💡This launch follows Taiwan’s recent opening of its market to active ETFs, making it the third Asian market to do so after Japan and Singapore. AllianzGI selected Taiwan due to its growing capital market and ambitions to become a key asset management hub in Asia. Taiwan’s ETF market currently holds around $200 billion in assets.
Vietnam
Prime Minister Phạm Minh Chính proposed increasing the Vietnam–Oman Investment (VOI) Fund to $1 billion during a meeting with Oman Investment Authority Deputy President Sheikh Nasser bin Suliman Al Harthi. The PM highlighted Oman as a key Middle East partner and urged expanding bilateral cooperation in infrastructure, renewable energy, healthcare, education, agriculture, and Halal food sectors to support Vietnam’s socio-economic development.
💡Sheikh Suliman Al Harthi expressed Oman’s commitment to deepen investment ties, confirming a new $200 million Vietnam growth fund focusing on technology, finance, and digital transformation
Environmental Sustainability
Australia
Clean Energy Australia’s 2025 reports show that 2024 marked a historic peak in clean energy investment, reaching $12.7 billion – the country’s highest on record. Of this, $9 billion went to large-scale renewable generation, the most since 2018, including a record $5.9 billion in onshore wind. Rooftop solar added 3.2 GW, while combined new capacity (rooftop and utility-scale) reached 5.2 GW. Battery construction also surged, with 8.7 GW/23.3 GWh under way by year-end.
💡Despite a slower Q1 2025 – consistent with seasonal trends – momentum remains strong. Six storage projects (1,510 MW/5,016 MWh) reached financial close, and two generation projects (386 MW) secured funding. Five generation and two storage projects were commissioned in Q1. In total, 82 generation and 69 storage projects are in the pipeline, signaling confidence in Australia’s clean energy transition.
Cambodia
Cambodia has launched a 10-year strategic plan to reduce greenhouse gas emissions, improve climate resilience, and support sustainable development. The plan targets key sectors such as energy, industry, agriculture, forestry, and waste management. Officials emphasized the importance of nationwide collaboration to implement the plan effectively.
💡The EU and UNDP pledged strong support, with the EU promoting green finance tools and investor engagement.
China
CATL has signed a strategic cooperation agreement with Lanzhou Municipal Government to advance three key areas: developing the new energy vehicle battery aftermarket, upgrading regional transportation electrification, and building a zero-carbon urban ecosystem. The goal is to make Lanzhou a leading zero-carbon transformation model city in northwest China.
Lanzhou, a key Belt and Road hub with rich wind and solar resources, will host a regional technology center leveraging CATL’s battery data and expertise to support R&D, talent development, and aftermarket services. The partnership aims to improve charging and battery swap infrastructure for public transit and freight, explore new projects like the "Electric Yellow River" tourism cruise, and develop integrated solar, energy storage, and smart management systems.
💡Plans also include creating a closed-loop battery recycling system to support sustainability across the battery lifecycle.
Global
The International Air Transport Association (IATA) projects that Sustainable Aviation Fuel (SAF) production will reach 2 million tonnes in 2025, just 0.7% of total airline fuel needs. While this marks progress, IATA warns the cost burden is steep—adding $4.4 billion globally to airlines' fuel bills. In Europe, new SAF mandates have driven prices up fivefold compared to conventional fuel due to compliance fees, adding $1.7 billion in costs that could have instead reduced emissions.
💡To address the issue, IATA is promoting global SAF development through a SAF registry and a SAF Matchmaker tool. It also urges governments to adopt more effective energy policies, support SAF through renewable energy integration, and ensure the CORSIA framework remains the central carbon offset system.
Singapore-Indonesia
TotalEnergies and RGE’s joint venture, Singa Renewables, has been granted a conditional license by Singapore’s Energy Market Authority to import 1 GW of renewable power from Indonesia. The partners also signed an MoU with Singapore Energy Interconnections to develop a subsea interconnector enabling electricity imports from Indonesia to Singapore.
💡The project includes building a hybrid renewable power plant in Riau Province, Indonesia, featuring a solar farm, battery energy storage system, and subsea cable. It aims to supply clean, reliable power to Singapore’s energy-intensive consumers and nearby industrial complexes in Indonesia, combining TotalEnergies’ expertise in large-scale energy and RGE’s regional presence.
Aviation
Australia
Virgin Australia is meeting with potential investors this week as Bain Capital considers launching a long-awaited initial public offering (IPO), which could become one of Australia's largest in recent years. The airline, which delisted in 2020 during voluntary administration, has been majority-owned by Bain since its AUD700 million acquisition and assumption of AUD5.15 billion in debt.
💡Recent private sales have valued the airline at around AUD3 billion, with minority stakes held by Virgin Group and Queensland Investment Corporation.
India
Embraer has launched a wholly owned subsidiary in India with its corporate office at AeroCity, New Delhi. The move supports the company’s ambitions across defence, commercial and business aviation, services, and urban air mobility.
💡Embraer plans to expand its local workforce, focusing on functions like procurement, supply chain, and engineering, aligned with India’s "Make in India" vision.
New Zealand
AI specialist Beonic has partnered with the Civil Aviation Authority of New Zealand (CAA) to deploy advanced AI-driven passenger flow management technology across the country’s airports. The system uses real-time data and predictive analytics to optimise security screening, queue management, and workforce allocation, aiming to boost operational efficiency and enhance the passenger experience.
💡The technology also provides privacy-compliant insights into passenger behaviour and demographics, enabling proactive communication like real-time queue updates.
Singapore
Singapore-based SATS is investing over S$250 million to upgrade its Singapore Hub (SG Hub) at Changi Airport, focusing on modernising ground support equipment (GSE) and enhancing cargo handling infrastructure. Over S$150 million will be spent from 2025 to 2029 renewing and expanding its fleet of more than 500 specialised vehicles, while S$100 million will be allocated over the next two years to boost cargo operations.
💡The improvements aim to increase operational efficiency, safety, and capacity ahead of Terminal 5 and Changi East Industrial Zone’s opening in the mid-2030s.
Singapore-France
Singapore and France have signed an Enhanced Framework Agreement to deepen cooperation across all major areas of civil aviation, including safety, air traffic management, training, sustainability, and innovation. A key initiative includes a jointly delivered Advanced Master’s programme in Air Transport Management for Pacific Island nations, as well as annual bilateral aviation dialogues.
As part of the expanded partnership, Singapore’s Civil Aviation Authority (CAAS) and Thales will launch the International Avionics Lab in 2026—Thales’ first outside France. Backed by AI Singapore’s cortAIx accelerator, the lab will develop AI-powered avionics solutions to improve air traffic management and operational efficiency.
💡It will leverage Singapore’s integrated aviation ecosystem—including CAAS, Singapore Airlines, Changi Airport Group, and SATS—to pilot innovations, create aviation jobs, and support Singapore’s ambition to be a global hub for aviation technology and sustainability.
Advanced Air Mobility
Australia
Australia’s AMSL Aero has completed its first year of hydrogen fuel cell testing at Bankstown Airport, bringing it closer to conducting emission-free flight tests of its Vertiia eVTOL aircraft within the next 12 months. Using over 200 kilograms of hydrogen since mid-2024, AMSL's 100kW fuel cell test bench has successfully simulated Vertiia’s hydrogen powertrain, while also contributing 1.8MWh of electricity to the airport grid.
💡The aircraft, capable of flying 1,000 km on hydrogen, aims to cut costs and carbon emissions for vital services like aeromedical transfers and freight.
China
Aerofugia has been awarded a CCAR-135 Air Operator Certificate allowing commercial passenger flights with up to nine seats. The certificate allows trial operations to gather data for urban air mobility. The company is testing low-altitude routes using helicopters and collaborating with Sichuan Airlines to develop combined civil aviation and low-altitude mobility services, preparing for broader eVTOL deployment.
💡 Aerofugia is developing the AE200 eVTOL aircraft, which is designed for intercity travel, airport transfers, and tourism.
China
In Q1 2025, EHang delivered 11 units of its EH216-S eVTOL, generating RMB26.1 million (US$3.6 million) in revenue, down from RMB61.7 million year-over-year. Net loss increased to RMB78.4 million (US$10.8 million), with an adjusted net loss of RMB31.1 million (US$4.3 million), though gross margin improved to 62.4%.
💡The company is advancing its next-generation VT35 eVTOL, which has entered the type certification process with flight testing underway and a public debut expected in Q3 2025.
China
EHang has expanded its partnership with China Communications Information & Technology Group Co., Ltd. and CCCC-FHDI Engineering Co., Ltd., targeting six areas, including infrastructure planning, marine air mobility, tourism zones, logistics corridors, and global cooperation under the Belt and Road Initiative. It builds on a 2024 deal and leverages CCCC-FHDI’s transport hub expertise to support complex environments like coastlines and islands.
💡Key goals include developing 100 urban and tourism air terminals, launching marine air traffic hubs, and integrating digital tools like BeiDou and radar networks. Initial projects include turning Fangji Island into a tourism air mobility zone and promoting Chinese standards globally.
Global
The Advanced Air Mobility Institute’s 2025 Biennial Report reveals rapid growth over two years, with event participation increasing by 570% and institutional engagement doubling across academia, government, and industry. The nonprofit fosters global collaboration across 80 countries, focusing on sustainable and equitable air mobility.
💡The Institute aims to advance clean aviation through research, policy, and education initiatives, including its Academic Symposium and the upcoming Pulitzer Electric Aircraft Race.
USA-Japan
Joby Aviation confirmed the completion of the second US$250 million tranche from Toyota’s previously announced US$500 million investment, bringing Toyota’s total stake to US$894 million and making it Joby’s largest shareholder. Following the announcement, Joby’s shares surged 25% in intra-day trading.
💡In regulatory filings, Joby suggested Toyota may launch air taxi services in Japan once the S-4 aircraft receives certification and permits.
Marine
Malaysia-Singapore-Vietnam
Energy companies from Malaysia, Singapore, and Vietnam have signed a joint agreement to explore exporting offshore wind power from Vietnam to Malaysia and Singapore, advancing regional energy integration under the ASEAN Power Grid.
The pact involves Malaysia’s MYEC (a TNB–Petronas venture), Vietnam’s PTSC, and Singapore’s Sembcorp Utilities. It targets subsea transmission of renewable electricity from Vietnam to Peninsular Malaysia, with future links to Singapore.
💡The partners will conduct joint studies on grid interconnection, transmission, and energy storage. The project supports net-zero goals and positions Vietnam as a regional renewables hub, while reinforcing Singapore’s role in clean energy transit.
Philippines
Acen, part of the Ayala group, has purchased a 25% minority stake in a 1GW offshore wind farm near San Miguel Bay from Copenhagen Infrastructure Partners’ Growth Markets Fund II. The project, one of the Philippines’ first offshore wind ventures, benefits from strong wind resources, shallow waters, proximity to shore and grid, and a lower typhoon risk.
💡Currently in pre-development, the project has secured Green Lane status, a national significance certificate, and a grid connection agreement, positioning it for accelerated regulatory approvals ahead of the Department of Energy’s 5th Green Energy Auction.
South Korea
South Korea’s LS Marine Solution has announced plans to construct a 13,000-ton-class cable-laying vessel (CLV), set to be among the world’s top five and the largest in Asia by cable loading capacity.
💡The company will invest KRW345.8 billion ($252 million) in the newbuild, with operations expected to begin in the first half of 2028. While the shipbuilder has not yet been selected, the CLV will be equipped to lay both HVDC submarine cables and fiber-optic cables simultaneously—featuring advanced specs seen in only three vessels globally.
Taiwan
Taiwan’s government has revoked development rights for two offshore wind projects—Enervest’s 240MW Deshuai and Corio/TotalEnergies’ 360MW Formosa 3—totaling 600MW from the Phase 3.2 auction. While all five awarded developers submitted contracts on time, these two projects failed the government’s review process and lost their qualifications and capacity.
💡This follows the cancellation of the 300MW Haixia 1 project from Phase 3.1 last month, bringing the total revoked offshore wind capacity to 900MW across recent tenders. Authorities have yet to decide if this capacity will be reallocated in the upcoming Phase 3.3 tender.
Vietnam
CMA CGM Group has partnered with Saigon Newport Corporation to develop its first deep-water terminal in northern Vietnam, investing $600 million in the Lach Huyen terminals 7 and 8 near Hai Phong.
💡Scheduled to open in 2028 with a 1.9 million TEU capacity, the terminal aims to support the region’s rapid industrial growth and rising container volumes, securing CMA CGM’s long-term presence in a key Southeast Asian logistics hub.
Space
China
China has launched 12 satellites as part of a larger plan to build a 2,800-satellite AI supercomputing network called the Three-Body Computing Constellation. The project, led by ADA Space and Zhejiang Lab, aims to reduce reliance on Earth-based computing by processing data directly in orbit. These satellites will use the natural cold of space for cooling and are expected to reach a combined processing power of 1,000 petaflops.
💡Currently, satellite data must be transmitted to Earth for analysis, which is limited by bandwidth and satellite pass times, causing delays and data loss. Processing data in space could speed up analysis and improve efficiency across sectors like weather forecasting, navigation, and remote sensing.
China
China’s Tianwen 2 spacecraft launched successfully on May 28, aiming to collect samples from the near-Earth asteroid Kamo'oalewa. The mission plans to return these samples to Earth in 2027 and will test various sampling methods, including a possible landing. Scientists hope to learn about the asteroid’s origins—possibly lunar fragments—and gain insights into solar system evolution and planetary defense.
💡After returning the samples, Tianwen 2 will use Earth’s gravity to propel itself toward comet 311P/PANSTARRS, with an expected arrival around 2035, marking a multi-target exploration mission.
Singapore-Japan
At World Expo 2025 in Osaka, five organisations—including Singapore University of Technology and Design (SUTD), SKY Perfect JSAT, TMY Technology, Rohde & Schwarz, and VIAVI Solutions—demonstrated the first end-to-end cross-country 5G new radio (NR) non-terrestrial network (NTN) transmission via a geostationary (GEO) satellite.
💡The technology supports current 3GPP 5G NR standards and marks a key step toward integrating satellite and terrestrial networks, paving the way for future 6G global coverage using medium and low earth orbit satellites.
Thailand
Thailand’s Thaicom has partnered with PTT Group’s Global Green Chemicals (GGC) to deploy its satellite-based CarbonWatch platform for monitoring carbon sequestration in palm plantations, reinforcing its leadership in space tech for sustainability.
The partnership combines satellite data with GGC’s expertise to support low-carbon palm oil production aligned with global ESG standards and Thailand’s Net-Zero goals.
💡Meanwhile, Thaicom plans to compete in Thailand’s USO Phase 3 "Border Net Project"—a THB 5.86 billion ($179.2 million) initiative integrating satellite and fiber optic solutions—aiming to lead universal digital access services
Türkiye-Asia Pacific
Türkiye’s first fully indigenous communications satellite, Türksat-6A, has secured its first international capacity export deal, entering the South Asian market—including India, Thailand, Malaysia, and Indonesia—through an agreement announced at CABSAT 2025 in Dubai.
Developed by a national consortium including TÜBİTAK, TAI, ASELSAN, and CTECH, Türksat-6A marks Türkiye’s shift from satellite technology consumer to sovereign provider.
💡Positioned at 42° East and equipped with over 20 transponders across Ku, Ka, and Q/V bands, it now offers services across 65% of the globe—underscoring the nation’s growing space autonomy and commercial reach.
Vietnam
During President Macron’s visit to Hanoi, Airbus Defence and Space, CNES, and Vietnam’s VAST signed a Declaration of Intent to strengthen collaboration on Earth observation.
💡Building on the VNREDSat-1 program, the partners plan to jointly develop next-gen satellite systems using Airbus and CNES’s CO3D technology, alongside technology transfer, capacity-building, and data sharing.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**