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.**
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Aviation: Benefits Beyond Borders 2024
According to the Aviation: Benefits Beyond Borders report by the Air Transport Action Group (ATAG) and Oxford Economics, the aviation industry supported 42 million jobs across the Asia-Pacific region in 2023, equating to one in every 45 jobs in the region. The report projects the sector to grow at a rate of 5.6% annually over the next 20 years, making it the fastest-growing region globally.
The aviation sector directly employed 4.3 million people in Asia-Pacific, the highest of any region. This number is expected to rise to 6.1 million by 2043. The sector's contribution to the economy is driven by e-commerce, tourism, and increased travel, particularly in developing countries.
In 2023, Asia-Pacific saw 11.4 million flights, transporting 1.4 billion passengers and 20.5 million tonnes of cargo. The region is served by 316 airlines and 1,187 commercial airports, with a network connected by 35 air navigation service providers.
Sustainable aviation fuels in Southeast Asia: A regional perspective on bio-based solutions
The International Renewable Energy Agency (IRENA) report explores the development of Sustainable Aviation Fuel (SAF) in Southeast Asia. It outlines the potential for SAF production from sustainable feedstocks, evaluates energy crop cultivation on under-utilized land, and offers a techno-economic assessment of ICAO-approved SAF pathways in countries with planned projects.
The report highlights the urgency of scaling up biofuel supply chains to reduce aviation emissions. Although SAF is currently the most viable solution, securing feedstocks, particularly from energy crops, will require strategic planning, investment, and infrastructure development.
The report stresses the importance of starting this process soon to avoid unintended environmental impacts and ensure a sustainable energy transition in the aviation sector.
Summary
Financing & Investments: ASIC Sues Binance Australia Over Consumer Protection Failures; Funding Societies Secures US$25 Million from Cool Japan Fund; Gammon Wins S$136.6 Million Contract for Changi East Depot Mechanical Services; Bolttech Raises $100 Million in Series C Funding, Valued at $2.1 Billion; Viettel Inaugurates Vietnam's First and “Most Modern” Logistics Park; and Stellantis and CATL Form Joint Venture for €4.1 Billion LFP Battery Plant in Spain
Environmental Sustainability: Air New Zealand Purchases 30 Million Litres of Sustainable Aviation Fuel; IFC Invests $35 Million in Pakistan's First SAF Facility; EVE Energy Opens New Battery Manufacturing Facility in Malaysia; Sarawak Government Explores Collaboration with Boeing Japan on SAF and Aviation Development; EcoCeres, Cathay Pacific, and HSBC Launch SAF Initiative in Hong Kong; and TruAlt Bioenergy Partners with Sumitomo Corporation to Drive Bioenergy Development in India
Aviation: ST Engineering Retrofits Air New Zealand's B787s in World-First Project Amid Supply Chain Delays; WAISL Launches Digital Twin-Powered APOC at Hyderabad Airport; Airport Authority Hong Kong Extends Air Traffic Control Partnership with NATS Until 2029; Sino Jet Opens Middle East Headquarters and Strengthens Partnership with Honeywell; DHL Express Enhances Asia Pacific Network to Support Growing Trade Demand; and Qantas to Pay $120 Million Compensation to Ground Handlers Sacked in 2020
Advanced Air Mobility: EHang and Changan Automobile Partner to Develop Flying Cars, Invest Over 120 Billion Yuan; GAC Launches GOVY Flying Car Brand with AirJet Model; Stralis Aircraft Completes Successful Hydrogen-Electric Propeller Spin Test; and Futurise Leads Malaysia’s Advanced Air Mobility Steering Committee
Marine: Penta-Ocean Construction to Invest US$510 Million in Offshore Wind Vessels; EPS Ventures and Nysnø Invest NOK 50 Million in Maritime Charging Innovator Zinus; H-Line and Avikus Partner to Install Autonomous Navigation on Ocean-Going Ships; Hanwha Completes $100 Million Acquisition of Philly Shipyard; and Equinor Receives South Korean Offer for 750 MW Floating Wind Project
Space: Chinese Astronauts Set New Spacewalk Record; China Begins Construction of Guowang Megaconstellation; Space One's Rocket Launch Fails Again; and Thailand Joins the Artemis Accords, Becomes 51st Signatory
Financing & Investments
Australia
The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Oztures Trading Pty Ltd, operating as Binance Australia Derivatives, for misclassifying over 500 retail clients as wholesale clients, which allegedly deprived them of critical consumer protections. ASIC claims that between 7 July 2022 and 21 April 2023, Binance misclassified 505 Australian retail investors, representing 83% of its local client base, which denied them access to important protections, including product disclosure statements and a compliant internal dispute resolution system.
ASIC's Deputy Chair, Sarah Court, criticized Binance’s compliance systems as "woefully inadequate," exposing clients to high-risk crypto derivative products without proper safeguards. Many clients reportedly suffered significant losses, with Binance paying approximately US$13 million in compensation in 2023.
💡ASIC is seeking penalties, declarations, and adverse publicity orders as part of its case, which also highlights Binance's failure to meet licensing conditions and adequately train its employees. This legal action is part of ASIC's broader efforts to improve regulatory clarity in the digital asset sector.
Southeast Asia-Japan
Funding Societies, a Southeast Asian SME finance platform, has raised US$25 million from Cool Japan Fund (CJF). This is CJF’s first investment in a fintech company in the region. The funds will support SME financing across Singapore, Indonesia, Malaysia, Thailand, and Vietnam, and expand Funding Societies’ payments business. The company plans to enhance its receivables and financing solutions, improve payment processing for SMEs, and further digitize its lending operations.
💡The partnership also aims to assist Japanese companies entering Southeast Asia and strengthen ties with local SMEs. Since its launch, Funding Societies has provided over US$4 billion in financing to 100,000 SMEs and processed US$1.4 billion in annual transactions.
Singapore
Gammon has secured the CR173A contract from the Land Transport Authority (LTA) to supply and install mechanical systems for the Changi East Depot, a key facility for Singapore's Cross Island Line (CRL). Valued at S$136.6 million, the contract includes the installation of Environmental Control Systems (ECS), Building Management System (BMS), and Fire Protection Systems (FPS). The project is expected to be completed by 2030.
💡The Changi East Depot, located in the Changi East Industrial Zone, will serve as the primary hub for CRL operations.
Singapore
Bolttech has secured over $100 million in its Series C funding round, led by Dragon Fund with support from Liquidity, MUFG, Baillie Gifford, and Generali’s Lion River. This investment values the company at $2.1 billion.
The funding will enable bolttech to enhance its platform, expand its global market presence, and continue its mission to make insurance more tailored, accessible, and affordable for customers. This round follows successful Series A and B rounds, reinforcing bolttech’s position in the insurtech industry.
Vietnam
Viettel Group has officially opened Vietnam's first and most modern logistics park, spanning 143.7 hectares with an investment of nearly 3,300 billion VND. The park offers comprehensive logistics services, including customs clearance, inspections, and cross-border transportation, with enhanced efficiency through digital systems and automation.
Equipped with technologies like IoT, 5G, AI, and Digital Twins, the park reduces logistics costs by 40% and improves customs clearance time from 4-5 days to under 24 hours. The facility also meets LEED sustainability standards, featuring renewable energy and over 3,300 trees.
💡The V-Gate app facilitates online booking, integrating smart transportation and warehouse management systems. Viettel plans to expand the logistics network nationwide, positioning Vietnam as a regional logistics hub.
China-Spain
Stellantis and CATL have announced a joint venture to invest up to €4.1 billion in a large-scale lithium iron phosphate (LFP) battery plant in Zaragoza, Spain. The facility, set to begin production by the end of 2026, could reach a capacity of 50 GWh, depending on market conditions and support from Spanish and EU authorities.
The 50-50 joint venture aims to enhance Stellantis' LFP battery offerings for electric vehicles (EVs) in Europe, particularly for B and C segment passenger cars, crossovers, and SUVs with intermediate ranges. The partnership follows a non-binding memorandum of understanding (MOU) signed in November 2023, focusing on local supply and strengthening the battery value chain.
💡The plant is designed to be carbon neutral and will support Stellantis’ goal of producing sustainable, high-quality EVs while contributing to the company’s carbon-neutral objectives by 2038. The deal is expected to close in 2025, pending regulatory approval.
Environmental Sustainability
New Zealand
Air New Zealand has secured its largest purchase of sustainable aviation fuel (SAF) to date, acquiring over 30 million litres from Neste, set to be uplifted from Los Angeles and San Francisco through February 2026. The purchase represents 1.6% of the airline’s total fuel supply for FY25, four times the volume of SAF used in FY24, and puts the airline on track to meet its annual SAF target. The airline is aiming to use 10% SAF by 2030 and is exploring domestic SAF production options.
💡The global SAF market continues to grow, with 2024 production volumes doubling compared to 2023, though still below initial forecasts.
Pakistan
The International Finance Corporation (IFC) is providing up to $35 million in equity and debt financing to SAFCO Venture Holdings Limited (SAFCO Ventures) to develop Pakistan's first greenfield SAF facility. The facility, located in Sheikhupura, Punjab, will convert used cooking oil and other waste oils into aviation fuel, aiming to reduce global emissions.
💡The 200,000 tons-per-annum (TPA) facility will process 250,000 tons of feedstock oil annually, producing SAF that will cut over 500,000 tons of CO2 emissions each year. It is expected to create 300 direct jobs and an estimated 20,000 indirect jobs, while also boosting Pakistan’s economy through SAF exports. IFC’s $35 million investment includes $30 million in equity and $5 million in debt, with additional funding from a climate-related blended finance program with the UK Foreign, Commonwealth & Development Office.
China-Malaysia
EVE Energy has launched a new production facility in Kulim, Malaysia, marking a key step in its global expansion. The factory will produce cylindrical lithium batteries for various applications, including power tools and electric vehicles. With advanced automation and digital control systems, the plant aims to produce 680 million batteries annually.
💡The facility, EVE Energy's first outside China, will enhance its manufacturing and delivery capacity in ASEAN, European, and North American markets. Production is expected to begin in early 2025.
Malaysia
The Sarawak Government is exploring collaboration opportunities with Boeing Japan to advance aviation technology and the development of SAF. The initiative aligns with Sarawak’s goal to establish its own airline. Sarawak Premier, Datuk Patinggi Tan Sri Abang Abdul Rahman Zohari, highlighted ongoing joint research with Chitose Group and collaboration with ENEOS Corporation on hydrogen production.
💡Discussions with Boeing Japan are in the early stages, focusing on SAF and renewable energy, with potential for broader partnerships in the future.
Hong Kong
EcoCeres, Cathay Pacific, and HSBC Hong Kong have teamed up to advance the use SAF in Hong Kong. HSBC has agreed to purchase 3,400 metric tonnes of SAF, made from waste-based feedstock like used cooking oil, for use on Cathay Pacific flights. The SAF is expected to reduce greenhouse gas emissions by up to 90% compared to conventional jet fuel.
💡The pilot project supports the long-term decarbonisation of air travel, with HSBC aiming for net-zero emissions by 2050 and Cathay Pacific targeting 10% SAF use by 2030. The Hong Kong government also plans to set a SAF usage target within the year.
India
TruAlt Bioenergy has signed a MoU with Sumitomo Corporation Asia & Oceania (SCAO) to collaborate on advancing bioenergy projects in India. The partnership aims to explore sustainable energy solutions in areas such as Biogas, Compressed Biogas (CBG), First and Second Generation (1G and 2G) Ethanol, Sustainable Aviation Fuel (SAF), and biochemicals derived from the sugar value chain. Additionally, the companies will focus on carbon credit initiatives, supporting India’s climate goals.
💡Th collaboration aligns with India’s renewable energy targets, with TruAlt Bioenergy’s leadership in ethanol and CBG production contributing to the country's energy transition and decarbonization efforts.
Aviation
Singapore-New Zealand
ST Engineering in Singapore has begun the world’s first full retrofit of Air New Zealand's Boeing 787-9 Dreamliners, with all 14 of the airline's aircraft set for upgrades by 2026. The retrofitting involves installing new in-flight entertainment systems, larger screens, upgraded seats, and new carpets, among other improvements.
Due to supply chain delays impacting new aircraft deliveries, Air New Zealand opted to retrofit its existing fleet to offer customers a refreshed product sooner. The first retrofit is expected to be completed by January 2025, with the aircraft returning to service by mid-February. Each retrofit will take 30 to 35 days, and the aircraft will be reconfigured with 272 seats across four classes.
💡ST Engineering will handle the retrofit work at its Changi airframe facility.
India
WAISL has launched India’s first fully integrated Digital Twin-powered Airport Predictive Operations Centre (APOC) at Rajiv Gandhi International Airport in Hyderabad. The solution, covering the Terminal, Airside, and Landside, integrates over 40 modules and tracks more than 100 KPIs, managing 40+ million passengers annually.
💡The APOC utilizes next-gen technologies like Digital Twin, AI/ML, Cloud Computing, and IoT to optimize airport operations, reduce delays, and improve passenger satisfaction. WAISL has partnered with Kloudspot and AWS to expand this solution globally, enhancing efficiency and transforming airport management.
Hong Kong-UK
Airport Authority Hong Kong (AAHK) has extended its partnership with NATS Services for the secondment of Air Traffic Controllers at Hong Kong International Airport (HKIA) until 2029. The agreement, in place since 2018, supports HKIA's growing operations by providing experienced controllers to manage air traffic in one of the world’s busiest airports.
💡With the new three-runway system (3RS) now operational, HKIA aims to reach 102 flights per hour and handle up to 120 million passengers and 10 million tonnes of cargo annually.
China-Middle East
Sino Jet has opened its Middle East International Headquarters at the MEBAA 2024 exhibition, marking a key step in its global growth. The company also signed a Memorandum of Understanding (MoU) with Honeywell to strengthen their collaboration in aviation services and technology.
💡The partnership will focus on improving connectivity and operational efficiency with Honeywell’s JetWave™ X satellite communication system, already used in Sino Jet’s fleet.
Asia-Pacific
DHL Express has made significant upgrades to its aviation and ground facilities across Asia Pacific, bolstering its ability to handle increased shipments and support regional trade growth. In 2024, DHL moved 6% more shipments between Asia Pacific and the rest of the world, highlighting the region’s expanding role in global trade.
Key upgrades include the expansion of the South Asia Hub in Singapore, boosting sorting capacity and adding five Boeing 777 freighters to optimize transit times and reduce carbon emissions. DHL also opened an advanced gateway in Kuala Lumpur, featuring automated sorting and carbon-neutral design, and launched a direct flight from Hong Kong to Jakarta to improve transit times for intra-Asia Pacific shipments.
💡Further investments include new facilities in Adelaide, Newcastle, and Christchurch, as well as a Hong Kong West Service Center. DHL Express also strengthened its partnership with Japan Airlines, expanding its air network in Asia.
Australia
Qantas has agreed to pay $120 million in compensation to 1,820 former ground handlers who were illegally sacked in 2020. The airline and the Transport Workers Union (TWU) have set up a compensation fund, which will be administered by Maurice Blackburn law firm, to distribute payments to the affected workers by 2025. The decision follows a Federal Court ruling in October that found Qantas had unlawfully outsourced the jobs. Compensation will cover economic loss, as well as pain and suffering. The compensation amounts will vary, with payouts capped at approximately 12 months' salary for affected workers.
💡The TWU hailed the settlement as a victory for the workers but called for further measures to prevent future mistreatment, including the establishment of a Safe and Secure Skies Commission.
Advanced Air Mobility
China
EHang has partnered with Changan Automobile to develop and produce flying cars, including electric vertical takeoff and landing (eVTOL) aircraft. The collaboration combines EHang's expertise in aerial vehicles with Changan's manufacturing capabilities to create a joint venture focused on the low-altitude economy. The partnership aims to accelerate the development and commercialization of flying cars, aligning with China’s goals to grow its low-altitude industry.
💡Changan plans to invest over 20 billion yuan in the next five years and more than 100 billion yuan over the next decade to explore integrated mobility solutions.
China
On December 18, GAC Group unveiled GOVY, its new flying car brand, debuting the GOVY AirJet, a composite-wing flying car. The AirJet, made of 90% carbon fiber, has a top speed of 250 km/h and a 200 km range, with future models reaching 400 km.
💡GAC also introduced its Robo-AirTaxi system, combining aerial and ground transport for urban and intercity commutes. The company aims to achieve airworthiness certification and begin production by 2025, with operations in the Greater Bay Area by 2027, advancing low-altitude mobility.
Australia
The test utilized fuel cells and gaseous hydrogen, emitting only water vapor. It marks the first hydrogen-electric propeller spin test on a registered aircraft at an international airport in the Southern Hemisphere. The success brings Stralis closer to its goal of flying its hydrogen-electric Bonanza A36 aircraft, “Bonnie,” in 2025.
💡The project has received grant support from the Australian Government’s Emerging Aviation Technology Partnerships Program. The achievement also strengthens the collaboration with Skytrans Airlines, Stralis’ launch customer, and Brisbane Airport, which played a key role in ensuring safety and operational readiness for hydrogen-powered flight.
Malaysia
The Civil Aviation Authority of Malaysia (CAAM) has appointed Futurise Sdn Bhd as the Secretariat for the Advanced Air Mobility (AAM) Steering Committee. Futurise will help shape AAM regulations, focusing on technologies like eVTOLs and drone logistics. It will coordinate committee activities, manage the regulatory sandbox, and guide the development of Malaysia’s AAM roadmap, positioning the country as a leader in the low-altitude economy.
💡The AAM sector is expected to generate RM70bn in revenue and RM34bn in GDP by 2040
Marine
Japan
Penta-Ocean Construction has announced a JPY79 billion (US$510 million) investment to build two key work vessels for offshore wind construction: a heavy lift vessel (HLV) and a cable laying vessel (CLV). This investment aims to support Japan’s growing offshore wind power sector, particularly in general sea areas where full-scale construction is expected to begin after FY 3/28.
The HLV will feature the world’s largest, fully revolving 5,000-tonne crane, enabling the installation of heavier monopiles for 15-20MW-class wind turbines. Meanwhile, the CLV will assist in laying and burying cables for both bottom-fixed and floating offshore wind turbines, as well as submarine power transmission cables.
💡Both vessels will be jointly owned by Penta-Ocean and partners, with deliveries scheduled for the first quarter of 2028.
Singapore-Norway
Singapore-based Eastern Pacific Shipping Ventures (EPS Ventures) and Norwegian investment firm Nysnø Climate Investments have invested NOK 50 million in Zinus, a leader in maritime charging and shore power solutions. The investment secures EPS Ventures and Nysnø as shareholders, with both gaining seats on Zinus' Board of Directors.
💡Zinus is recognized for its technologies that help reduce the maritime industry's carbon footprint, enabling vessels to switch off fossil fuels during port stays and supporting hybrid/electric vessel use. With products already in over ten countries, Zinus plans to recruit 15 new employees in 2025 to support its growth and global expansion.
South Korea
H-Line and Avikus, HD Hyundai's autonomous navigation division, have signed a contract to install the HiNAS Control system on five ocean-going vessels, with plans to expand to 30 ships. The AI-based system, developed by Avikus, optimizes routes and speeds to improve safety, reduce crew workload, and save fuel.
💡The collaboration marks a key step in autonomous shipping, with H-Line aiming to enhance operational efficiency and meet environmental regulations. The companies will also focus on technical support and data analysis to further improve system performance.
South Korea-USA
Hanwha Ocean and Hanwha Systems have finalized their $100 million acquisition of Philly Shipyard, a U.S. shipbuilder specializing in both commercial and government projects. The acquisition, first announced in June 2024, received approval from the Committee on Foreign Investment in the United States (CFIUS) in September.
Philly Shipyard, previously owned by Norwegian industrial firm Aker ASA, will now operate under the name Hanwha Philly Shipyard. This marks Hanwha's entry into U.S. shipbuilding operations.
💡The acquisition aims to expand production, create jobs, and advance sustainable maritime solutions for both commercial and government clients.
South Korea-Norway
Equinor has received a fixed-price power purchase agreement offer from the South Korean government for its 750 MW Bandibuli floating offshore wind project, located 70 kilometers off the southeast coast. The company is now working with authorities on finalizing the offer before signing a contract. A final investment decision is expected within 1-2 years, depending on returns. Equinor is also seeking a partner for the project.
💡The South Korean Ministry of Trade, Industry, and Energy awarded a total of 1,886 MW in offshore wind contracts, with floating wind projects priced around $350/MWh.
Space
China
Chinese astronauts Cai Xuzhe and Song Lingdong, part of the Shenzhou 19 mission, made history with a record-breaking spacewalk outside the Tiangong space station. The two spent more than nine hours in space on December 16-17, surpassing the previous EVA duration record of eight hours and 56 minutes, set by NASA astronauts in 2001.
💡This marks the first spacewalk of the Shenzhou 19 mission, which began its six-month stay at the Tiangong station in October 2024.
China
China has launched the first satellites for its Guowang (“national net”) megaconstellation, a low Earth orbit (LEO) satellite network aimed at providing global internet coverage. The Long March 5B rocket, launched on Dec. 16 from Wenchang Satellite Launch Center, carried the initial satellites for the constellation, marking a key milestone in China's satellite internet ambitions. The project, which aims to deploy nearly 13,000 satellites, is seen as a direct response to global initiatives like SpaceX's Starlink.
The launch, although not officially covered, was confirmed by the Shanghai Academy of Spaceflight Technology (SAST). While specifics on the satellite count and orbit remain limited, the project is managed by China Satnet, a company established to oversee the constellation's development. With a deadline of 2032 to launch half of the satellites, China is aiming for rapid progress in satellite deployment, which will contribute to its digital economy and geopolitical influence.
💡The Guowang constellation joins the Qianfan project, another Chinese megaconstellation, adding to China's growing role in satellite-based communications
Japan
Space One Co., a Japanese startup, faced another setback as its Kairos No. 2 rocket failed midflight on Wednesday. The 18-meter rocket launched from Space Port Kii but was aborted 20 minutes into flight. The rocket had separated its first stage and payload fairing but was discontinued before reaching orbit.
The launch, carrying five satellites from entities like the Taiwan Space Agency, had been delayed twice due to strong winds. This follows Space One's first failed attempt in March when its rocket exploded after liftoff due to a propulsion issue.
💡The startup, aiming for 30 launches annually by the 2030s, seeks to lower costs and offer regular rocket launches.
Thailand
Thailand has become the 51st country to sign the Artemis Accords, a set of principles established to guide the responsible and peaceful exploration of space. The Artemis Accords, launched in 2020 by NASA and supported by the U.S. Department of State, promote principles for the beneficial use of space, building on the framework of the 1967 Outer Space Treaty.
💡Thailand’s participation in the accords marks a significant step in its growing role in space exploration.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**