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.**
Events
Ishka Investing in Aviation Finance: Japan
Join Ishka on 11-12 September at the Grand Hyatt Tokyo for the 6th annual event focused on aviation finance. The conference offers unique networking opportunities and insights into the aviation finance sector, specifically for Japanese regional banks, institutional investors, airlines, and the international finance community.
Simultaneous Japanese-English translation will be provided. Complimentary tickets available for airlines and institutional investors.
For more details, view the full event agenda.
The Selangor Aviation Show 2024
The fourth edition of the Selangor Aviation Show 2024 (SAS 2024) is scheduled to take place at the SkyPark Regional Aviation Centre (RAC) in Selangor from September 12 to 14, 2024.
Hosted by the Selangor State Government through Invest Selangor Berhad and its aerospace division, S-DAICO, this premier event will bring together global industry leaders to explore the future of aerospace and aviation.
Learn more about the aviation show here.
2024 Shenzhen eVTOL Exhibition
The 2024 Shenzhen eVTOL Exhibition will be held in Shenzhen, China, from September 23 to 25. The event will feature over 200 exhibitors and draw 10,000 visitors from more than 20 countries and regions.
The exhibition will cover various aspects such as eVTOL aircraft design, materials, power, and flight control. Leveraging Shenzhen's prominent role in the low-altitude industry, the event will offer a "two-day forum + three-day exhibition" format to facilitate collaboration among industry, academia, and research sectors.
Find additional details about the exhibition here.
Summary
Financing & Investments: Elridge Energy Launches RM203 Million IPO on Bursa Malaysia's ACE Market; LifeFlight Unveils $26 Million Maintenance Facility at Brisbane's Archerfield Airport; Cathay Invests HK$100 Billion to Boost Hong Kong’s Aviation Hub; and Malaysia Boosts Semiconductor Industry with Infineon Investment
Environmental Sustainability: Australia Leads Multinational Trial of User-Preferred Routing; MAIRE Secures Feasibility Study for SAF Plant in Indonesia; Idemitsu to Launch SAF Production at Tokuyama by 2028; Morrison Express Partners with China Airlines on SAF Deal to Cut Emissions; and Singapore’s Sembcorp Invests S$700 Million in Green Energy Initiatives
Aviation: Air India and Vistara Secure DGCA Approval for Maintenance Integration; Sydney Airport Slot Management Up for Tender Amid Broader Aviation Reforms; Air China’s First C919 Passenger Plane Completes Test Flight; IATA Criticizes India's GST Taxation on Foreign Airlines; and Government Boosts Indian MRO Industry with Tax and Policy Reforms
Advanced Air Mobility: Joby Seeks Australian Certification for Air Taxis; Sichuan HAITE High-tech Co., Ltd. and Volant Aerotech Forge Partnership to Advance eVTOL Technology; and Skyportz Lands Orders for Innovative Vertipad
Cybersecurity: INTERPOL's I-GRIP Recovers $39 Million in Record-Breaking BEC Scam; and Group-IB and CyberSecurity Malaysia Collaborate to Strengthen Cybersecurity
Marine: China Unveils World's First Intelligent Robotic Whale Shark; Ulsan Port Expands Sustainable Marine Fuel Infrastructure with $17.6M Investment; and LS Marine Solution Partners with DFO for Offshore Wind Vessel in South Korea
Space: Dhruva Space Partners with Zero-Error Systems to Enhance Satellite Onboard Computers; Chinese Rocket Launches Broadband Satellites, Incident Raises Debris Concerns; and Interstellar Technologies Secures ¥3.1 Billion Funding for Satellite and Rocket Development
Financing & Investments
Malaysia
Elridge Energy Holdings Bhd has launched its IPO on Bursa Malaysia's ACE Market, aiming to raise up to RM203 million. Priced at 29 sen per share, the IPO includes 350 million new shares and 350 million existing shares, representing up to a 35% stake in the company. Scheduled for listing on August 22, Elridge Energy specializes in biomass fuel products, focusing on palm kernel shells and wood pellets.
💡The company anticipates growth driven by increasing global demand for renewable energy, with significant market potential in the Asia Pacific region.
Australia
LifeFlight has inaugurated the $26 million Clive Berghofer Maintenance Centre at Brisbane’s Archerfield Airport. The 5,000-square-metre facility, the largest in LifeFlight’s network, replaces an older maintenance base and features four large bays for AW139 helicopters and Challenger 109 jets, along with comprehensive staff amenities and solar panels. The centre will be central to LifeFlight's operations, handling 41,000 hours of maintenance annually and supporting the organization’s significant growth.
💡The facility, accommodating up to nine helicopters and one jet, highlights Archerfield Airport’s dedication to upgrading aviation infrastructure in anticipation of major events like the 2032 Olympic Games.
Hong Kong
Cathay Group has announced a commitment of over HK$100 billion over the next seven years to enhance its customer experience and bolster Hong Kong’s status as an international aviation hub. The investment includes acquiring 30 Airbus A330-900 aircraft, with an option for an additional 30, and modernizing its fleet with more than 100 new-generation aircraft. The upgrade aims to support Cathay’s carbon net-zero goal by 2050.
The strategy encompasses improvements in cabin products, including the introduction of the Aria Suite and refreshed cabins on Boeing 777-300ERs and A330s, as well as new flagship lounges in Hong Kong, Beijing, and New York. Additionally, complimentary Wi-Fi and enhanced dining and entertainment options will be rolled out.
💡Cathay reported a profit of HK$3.6 billion for the first half of 2024, demonstrating progress in its recovery journey. The group has fully repaid its HK$19.5 billion preference shares investment and plans to increase its workforce by 5,000 this year. Cathay aims to expand its destination network to 100 by 2025.
Malaysia
Malaysia is bolstering its position in the global semiconductor supply chain as Infineon Technologies AG opens a €7 billion ($7.7 billion) manufacturing complex in Kulim. Prime Minister Anwar Ibrahim emphasized the country's progress in technology and the need for local talent development.
Infineon’s new site, set to become the world’s largest silicon carbide power semiconductor facility, will create 4,000 jobs and support decarbonization in various sectors. The investment highlights Malaysia's growing appeal for tech investments, particularly as global chip firms seek alternatives to China and Taiwan amid geopolitical uncertainties.
💡With a goal to double semiconductor exports by 2030, Malaysia has pledged $5.6 billion to bolster its industry amid shifting global supply chains due to US-China tensions.
Environmental Sustainability
Australia-APAC
Airservices Australia is spearheading a collaborative trial with air navigation service providers (ANSPs) and airlines from Australia, New Zealand, Indonesia, and Singapore. The initiative aims to allow pilots on selected flights to choose their own routes based on prevailing winds, potentially shortening travel times, saving fuel, and reducing carbon emissions. The trial will cover 38 routes between Australian/New Zealand and Indonesian/Singaporean airspace.
User-preferred routing (UPR), already implemented in Australian airspace, will be tested on international routes for the first time. Early estimates suggest significant fuel and emissions savings, with one route potentially saving up to 82 tonnes of carbon annually.
💡The trial reflects a broader effort to enhance sustainability in aviation, aligning with global goals for net-zero emissions by 2050.
Indonesia
MAIRE, through its subsidiary NEXTCHEM, has been awarded a feasibility study to develop a small-scale modular sustainable aviation fuel (SAF) plant in Sei Mangkei, Indonesia. The study, conducted in partnership with PT Tripatra Engineers and Constructors, will explore the use of regionally sourced feedstocks like used cooking oil and palm oil mill effluent for a facility with an annual production capacity of 60,000 tons.
💡The feasibility study will evaluate the optimal design for the plant utilizing NEXTCHEM’s proprietary NX PTU™ and NX SAF™ Bio technologies.
Japan
Japanese refiner Idemitsu plans to start producing SAF at its Tokuyama site by April 2028-March 2029 to meet domestic demand. The company will begin engineering work on the project later this month and has completed feasibility studies. The planned facility will produce 250,000 kilolitres of SAF annually from used cooking oil using the hydro-processed esters and fatty acids (HEFA) pathway.
💡Idemitsu is securing feedstocks both domestically and internationally and repurposing the Tokuyama site, which was closed in 2014. The company also aims to supply 500,000 kilolitres of SAF annually by 2030 and is developing alcohol-to-jet (ATJ) technology at its Chiba plant. Additionally, Idemitsu plans to purchase SAF from other producers to meet domestic demand.
Taiwan
Taipei-based global logistics provider Morrison Express has signed a SAF agreement with China Airlines, aiming to reduce aviation sector emissions. The partnership supports China Airlines' Net Zero goal by 2050 and enhances their SAF usage, which began with ferry flights in 2017 and passenger flights in 2023. Morrison Express is the first corporate client in China Airlines' SAF partnership program, committed to integrating green logistics solutions into their operations.
💡SAF used in this partnership reduces carbon emissions by 80% compared to conventional fuels, promoting further ESG sustainability.
Singapore
Sembcorp Industries has announced a S$700 million ($528.5 million) investment in its green energy initiatives, as reported by Reuters. The investment will be financed through a combination of operating cash flow, project financing, internal funds, and capital recycling.
Sembcorp aims to develop low-carbon industrial parks in Asia and is exploring partnerships to expand its asset management platform. The company plans to grow its urban solutions segment in Vietnam, Indonesia, and China.
💡Despite a forecast for stable annual net profit, the company's earnings from its renewables division are expected to decline in the second half of the year due to China's weak economic situation. However, maintenance of a co-generation plant in Singapore is anticipated to support earnings growth. The firm's half-year attributable profit was S$540 million, down from S$608 million the previous year.
Aviation
India
Air India and Vistara have received approval from the Directorate General of Civil Aviation (DGCA) to merge their aircraft line maintenance operations. This integration aims to streamline operations, reduce costs, and enhance technical expertise.
💡The move will strengthen Air India's in-house maintenance capabilities and support the ongoing merger, creating a more competitive airline for domestic and international markets.
Australia
The federal government has announced a competitive tender for the management of Sydney Airport's slots, following Rex's recent voluntary administration. The move is part of broader aviation reforms introduced in February, which include an independent audit of slot usage, re-establishing the Compliance Committee, and modernizing the compliance regime with stricter penalties and enhanced enforcement tools.
💡Prospective slot managers must demonstrate adherence to the reforms and transparent conflict-of-interest management.
China
On August 9, Air China’s first C919 passenger plane successfully completed its inaugural test flight. The aircraft, temporarily registered as B-002M, is set to be delivered to Air China by the end of August. The C919 will feature a spacious two-class configuration with 158 seats: 8 in business class and 150 in economy, representing the most generous cabin layout available for this model. Chairman
💡In April 2024, Air China placed an order for 100 C919 aircraft, with deliveries planned between 2024 and 2031.
India
The International Air Transport Association (IATA) has criticized India's Directorate General of GST Intelligence (DGGI) for taxing the branch offices of foreign airlines operating in India. IATA argues that applying Goods and Services Tax (GST) to these branches is flawed and inconsistent with global standards, as no other country imposes such a tax. The global body warns that unresolved tax disputes could hinder India’s aviation sector growth. The issue concerns ₹10,000 crore in unpaid taxes and affects multiple foreign airlines. IATA is urging the Indian government to address the matter to avoid potential setbacks to the country's aviation industry.
💡The tax scrutiny also extends to global shipping lines, with some facing substantial penalties.
India
The Indian government has introduced policy changes to enhance the domestic Maintenance, Repair, and Overhaul (MRO) industry and aviation sector. Key measures include a uniform 5% IGST rate on imports of aircraft parts and tools, regardless of their HSN classification, aimed at boosting industry competitiveness. Other initiatives include extending export timelines for repaired goods, simplifying re-import processes, reducing GST on MRO services from 18% to 5%, and treating sub-contracted MRO work as exports with zero-rated GST.
💡 The government also abolished royalties, introduced transparent land allotments at airports, and allowed 100% FDI via the automatic route for MRO services.
Advanced Air Mobility
USA-Australia
Joby Aviation has applied for certification of its electric vertical take-off and landing (eVTOL) aircraft with Australia's Civil Aviation Safety Authority. The move leverages a U.S.-Australia agreement for mutual aviation certification recognition. The company, currently in the third stage of U.S. FAA certification, aims to begin commercial passenger service in 2025. Joby’s eVTOL is designed to carry a pilot and four passengers at speeds up to 200 mph.
💡The company also seeks certification validation in Japan and the UK.
China
Sichuan HAITE High-tech Co., Ltd. and Volant Aerotech have signed a cooperation framework agreement to advance eVTOL technology. The collaboration will focus on developing eVTOL simulators and products, performing major repairs and maintenance, and advancing new technologies in the low-altitude economy. The two sides will also work on eVTOL pilot training and research projects. A cooperation mechanism has been set up to ensure effective implementation of the agreement.
💡The partnership aims to enhance the industry ecosystem and set standards in the aviation technology sector.
Australia
Following the unveiling of its patented modular vertipad solution at the Farnborough International Airshow last month, Skyportz has received three significant orders totaling over 1,000 units, aimed at supporting the burgeoning air taxi industry. The new vertipad design addresses critical issues such as passenger safety, downwash, battery fires, noise, and environmental impacts, offering a cost-effective and versatile solution suitable for both airport tarmacs and new vertiport sites.
💡Initial orders have come from an aircraft OEM and infrastructure investors, with expectations that the vertipad will also attract property and vertiport companies. The new design aims to bridge the gap between aviation needs and airport infrastructure, offering a more affordable solution for vertiport development.
Cybersecurity
Singapore
INTERPOL announced the largest recovery of funds from a business email compromise (BEC) scam, facilitated by its new global stop-payment mechanism. In July 2024, a Singaporean commodity firm lost $42.3 million to a fraudulent email that mimicked a supplier's request for payment. The actual supplier had not received the funds.
Using INTERPOL's Global Rapid Intervention of Payments (I-GRIP), authorities were able to freeze $39 million in a counterfeit account within a day, and further investigations led to the recovery of an additional $2 million. Seven suspects were arrested in connection with the scam.
💡I-GRIP, launched in 2022, has been instrumental in intercepting illicit funds from various financial crimes, including cryptocurrency and fiat fraud. INTERPOL is urging businesses and individuals to adopt preventive measures against BEC and similar social engineering attacks.
Malaysia
Singapore-based Group-IB and Malaysia’s CyberSecurity Malaysia have signed a memorandum of understanding (MOU) to strengthen Malaysia's cyber resilience and safeguard its critical IT infrastructure. The partnership encompasses a broad range of initiatives, including the exchange of cyber threat intelligence and incident reports, technical support for vulnerability assessments and digital forensics, and capacity building through training on cybersecurity awareness and incident response. Additionally, the alliance will enhance emergency response protocols and advocate for cybersecurity best practices among businesses and the public.
💡The partnership will also offer specialized cybersecurity services to Small and Medium Enterprises (SMEs) in Malaysia through the “InsureGuard” initiative. Group-IB will provide access to its Digital Crime Resistance Centers (DCRCs) to facilitate rapid threat analysis and joint operations against cybercrime. The collaboration is designed to improve cybersecurity measures, ensure compliance with Malaysian laws, and support Malaysia's transition to a digital economy.
Marine
China
China’s Shenyang Aerospace Xinguang Group has achieved a major milestone in marine technology by creating the world’s first intelligent robotic whale shark. The nearly five-meter-long, 350-kilogram bionic robot replicates the movements of a real whale shark, including swimming, turning, and diving.
Equipped with advanced features like wireless remote control, multi-joint propulsion, and a suite of sensors, the robotic whale shark can perform tasks such as water quality monitoring and underwater terrain mapping. Compared to conventional underwater robots, it offers unique advantages like reduced pollution and minimal impact on marine life.
💡The innovation marks a significant step in integrating marine bionic technology with intelligent systems, paving the way for future advancements in underwater robotics.
South Korea
Ulsan Port in South Korea is set to advance its use of sustainable marine fuels following a $17.6 million deal with Hyundai Oil Terminal Corporation (HOTC) to develop an alternative fuels supply chain at the port. The agreement will lead to an expansion of storage tanks for fuels like green methanol and efforts to establish green shipping corridors, particularly with the US.
Additionally, Ulsan Port Authority (UPA) plans to increase storage facilities at Ulsan’s New Port as part of HOTC’s $219 million terminal investment project, slated for completion in the first half of 2026.
💡Korea has been proactive in adopting sustainable marine fuels, with Ulsan previously hosting the launch of Maersk’s first methanol-powered container ship, the Laura Maersk, in June 2023.
South Korea
LS Marine Solution and Taiwanese company DFO has signed an MOU to advance offshore wind farm projects in South Korea. Under the agreement, LS Marine Solution will lease DFO’s offshore wind farm service operation vessel (SOV), marking the first introduction of such a vessel in South Korea. The SOV will allow workers to stay at sea for extended periods, improving efficiency and reducing the need for daily commuting.
💡LS Marine Solution aims to leverage this vessel to gain a market edge, secure long-term maintenance contracts, and expand internationally with partners LS Cable & System and LS Eco Energy.
Space
India-Singapore
Dhruva Space has announced a collaboration with Singapore-based Zero-Error Systems (ZES) to advance its onboard computer (OBC) subsystem technology. The partnership will integrate ZES's LDAP-IC-ZES100 semiconductor technology into Dhruva Space's OBC, enhancing protection against radiation-induced malfunctions and improving performance and reliability.
💡The integration aims to advance satellite technology and operational capabilities, particularly for upcoming hosted payload missions.
China
On August 6, a Chinese Long March 6A rocket successfully launched 18 satellites for the Qianfan ("Thousand Sails") broadband network, marking a significant step toward deploying up to 14,000 satellites. However, the rocket's upper stage experienced a malfunction after reaching low Earth orbit (LEO), resulting in the creation of over 300 pieces of trackable debris.
💡While U.S. Space Command is monitoring the situation and has reported no immediate threats, the incident underscores growing concerns about the increasing congestion in Earth's orbit and the importance of space sustainability.
Japan
Japanese rocket and satellite startup Interstellar Technologies (IST) has secured ¥3.1 billion ($21.2 million) in funding from a group of investors, including NTT Docomo, Japan's leading wireless carrier. The funding, which also includes contributions from SBI Group and financing from Resona Bank, will support IST's development of small satellites that will operate in a large constellation to enable high-speed, high-capacity communications.
The startup, based in Hokkaido, aims to launch its first orbital rocket next year and plans to commercialize its satellite network in the early 2030s.
💡NTT Docomo views IST's satellites as a key innovation for advancing communications technology, aligning with its efforts to develop 6G and the Innovative Optical and Wireless Network (IOWN) for efficient, high-capacity communication.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**