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.**
Summary
Financing & Investments: Linnovate Partners Secures US$40 Million Funding Round from SeaTown Holdings; UK-Singapore Financial Dialogue Strengthens Partnership; Amazon Commits to $9B Investment in Singapore; BlackRock's Growing Investments in Asia-Pacific Reach $3 Billion Annually; Hanwha Launches Aero-Engine Leasing Platform Hanwha Aviation; and Hanwha Life Gets Greenlight for Investment Agenda in Indonesian Financial Company
Environmental Sustainability: Topsoe Partners with Guangxi Hongkun Biomass for SAF Production in China; SIA Group and Neste Establish Milestone SAF Supply Deal at Changi Airport; Air New Zealand Strengthens Sustainability Advisory Panel with New Members; and Wärtsilä Secures Major Order for Methanol-Fuelled Engines in China's Maritime Sector
Aviation Cooperation: Indonesia Hosts the 24th FAA-Asia Pacific Bilateral Partners Dialogue Meeting
Advanced Air Mobility: Malaysia’s Malvus Sense Unveils Hydrogen-Electric VTOL UAS; EHang Achieves Middle East's First Passenger-Carrying eVTOL Demo Flight; AutoFlight Unveils V2000CG "Carry All" eVTOL in Middle East; and Volant Aerotech Secures Series A+ Financing Led by Huashang Capital
Finance & Investments
Singapore
Singapore-based fintech firm Linnovate Partners has closed a US$40 million funding round from SeaTown Holdings, a Temasek affiliate, through its SeaTown Private Capital Master Fund. Specializing in portfolio monitoring and reporting services, Linnovate Partners leverages its cloud-based platform called Raise. The newly acquired funds are earmarked for scaling operations and other growth initiatives.
💡Linnovate Partners manages over US$130 billion in assets for more than 600 private equity and VC funds.
Singapore
During the 9th UK-Singapore Financial Dialogue on May 8, the UK and Singapore reaffirmed their partnership across various sectors, including sustainable finance, fintech, non-bank financial intermediation (NBFI), and cross-border payments. The two sides also pledged to increase funding for net zero goals and to adopt global sustainability standards. Plans were discussed to finance green projects in Asia, alongside addressing stability and cybersecurity risks in fintech, and exploring tokenization and distributed ledger technology (DLT).
💡Both nations remain dedicated to the G20's Cross-Border Payments Roadmap and aim to finalize international policies on margin practices and NBFI leverage.
Singapore
On May 7th, Amazon announced plans to invest $9 billion in Singapore over the next four years to enhance its cloud computing capabilities in the country. The expansion comes in response to increasing demand for cloud services and the adoption of artificial intelligence.
💡The move follows a similar investment initiative by Microsoft in Southeast Asia, reflecting a trend among tech giants to capitalize on the region's growing demand.
APAC
BlackRock has significantly increased its annual investment in private assets in the Asia-Pacific, reaching US$3 billion compared to US$1 billion in 2020. Since 2022, the firm has directed US$5.5 billion into the Asia-Pacific region.
💡BlackRock's recent support for an Asian infrastructure fund by Singapore-based Seraya Partners highlights its commitment to the region's growth, with the fund raising US$800 million for digital infrastructure and energy transition investments.
South Korea
Hanwha, a Fortune 500 company and the seventh-largest conglomerate in Korea, has launched Hanwha Aviation, an engine leasing platform. Operating in Singapore, Ireland, and the U.S., the firm aims to focus on newer generation assets with a long-term vertically integrated strategy. The platform has the financial capacity for both single-asset and large fleet transactions, reducing risk for leasing customers and trading partners.
In the short term, Hanwha Aviation will concentrate on acquiring portfolios of narrowbody engines and aircraft, with a goal of accumulating 1,000+ assets within the next decade to establish itself as the premier aero-engine leasing platform in the aviation industry.
💡In March, Hanwha unveiled its latest affiliate, Hanwha Engine, following the acquisition of HSD Engine, the world's second-largest marine engine company in terms of market share. Hanwha's launch of Hanwha Engine enables the company to provide complete shipbuilding solutions, including in-house engine production and technology capabilities.
South Korea-Indonesia
On May 3, Korea's first life insurance company Hanwha Life announced the approval of the agenda "Investment in Indonesian Financial Company" following an extraordinary board meeting held on April 23. The primary focus was on investing 40.0% of the shares in Nobu Bank, owned by Indonesia's Lippo Group.
💡Moreover, the investment is part of Hanwha Life's strategy to transition into banking in Indonesia and become a global integrated financial group. The also company aims to capitalize on Indonesia's growing economy and population by using it as a pivotal base for expanding into the Southeast Asian market.
Environmental Sustainability
China
Denmark-based Topsoe A/S has partnered with Guangxi Free Trade Zone Hongkun Biomass Fuel Co., Ltd (Guangxi Hongkun Biomass) to introduce its "HydroFlex" technology for producing sustainable aviation fuel (SAF). The collaboration represents Topsoe's first venture into SAF projects in China. The HydroFlex technology will be implemented at Guangxi Hongkun Biomass's facility situated in the Qinzhou Port Area Free Trade Pilot Zone of Guangxi.
💡The project targets an annual processing capacity of 300,000 tonnes of feedstock.
Singapore
The Singapore Airlines (SIA) Group has inked a deal with Neste to procure 1,000 tonnes of neat Neste MY SAF, making SIA and Scoot the inaugural carriers to receive SAF from Neste’s refinery at Singapore Changi Airport. Neste will blend the SAF with conventional jet fuel as per safety specifications and deliver it in two batches to Changi Airport’s fuel hydrant system, one in Q2 2024 and another in Q4 2024.
💡The move marks the first direct supply of Neste’s SAF to airlines at Changi Airport, showcasing their end-to-end SAF supply chain capabilities following the refinery's expansion in May 2023, which boasts the world’s largest SAF production capacity of one million tonnes annually.
New Zealand
Air New Zealand has expanded its Sustainability Advisory Panel by welcoming two new members: James Shaw, former Green Party Co-Leader and Minister for Climate Change, and Matteo Mirolo, Head of Policy and Strategy in the Aviation Contrails team at Breakthrough Energy, an energy startup backed by Bill Gates' Climate Foundation. The panel advises Air New Zealand's sustainability team, Executive, and Board on critical issues like SAF, emissions, regulatory compliance, and global trends.
💡The Board’s purpose is to offer an external perspective and world-class expertise to enhance Air New Zealand's sustainability efforts.
China
Wärtsilä Oyj, an international energy and marine technology group based in Finland, has disclosed plans to provide methanol-fuelled auxiliary engines for a significant order of container vessels. The order includes five vessels for COSCO Shipping Lines Co., Ltd (COSCO) and seven vessels for the Orient Overseas Container Line (OOCL), marking the largest order for methanol-fuelled vessels in China's maritime sector.
💡Each vessel will feature a combination of three 8-cylinder and two 6-cylinder Wärtsilä 32M engines, complemented by Selective Catalytic Reduction (SCR) exhaust cleaning systems and alternators. The components will be supplied through Wärtsilä's joint venture company, CWEC (Shanghai) Co. Ltd (CWEC).
Aviation Cooperation
Indonesia
The Ministry of Transportation of Indonesia hosted the 24th FAA-Asia Pacific Bilateral Partners Dialogue Meeting from May 6th to 10th, 2024, bringing together civil aviation authorities from 13 Asia Pacific countries, including Australia, China, Taiwan, Hong Kong, India, Japan, Korea, Malaysia, New Zealand, Singapore, and Timor Leste, alongside the United States Federal Aviation Administration (FAA) in Bali.
💡Topics included aviation safety regulations, technological advancements, and industry developments such as advanced air mobility (AAM), uncrewed aircraft systems (UAS), certification and safety audit systems, SAF utilization, and environmental protection measures.
Advanced Air Mobility
Malaysia-China
During the Defence Services Asia (DSA) 2024 exhibition in Kuala Lumpur from May 6 to 9, Malaysian company Malvus Sense introduced the CW-25H, a novel hydrogen-electric-powered vertical take-off and landing UAS, in collaboration with Chinese UAS firm JOUAV. Utilizing hydrogen-electric hybrid technology, the CW-25H boasts a flight time of up to 330 minutes.
With a maximum service ceiling of 6,000 meters and a cruising speed of 80 km/h, the UAS is well-suited for a range of applications, including infrastructure inspection and environmental monitoring.
💡The collaboration between JOUAV and Malvus Sense aims to serve the Malaysian Armed Forces' needs by combining JOUAV's drone design expertise with Malvus Sense's UAS assembly capabilities in Malaysia.
China-UAE
EHang's EH216 series eVTOL aircraft, including EH216-S, EH216-L, and EH216-F, conducted successful demo flights in Abu Dhabi on May 6. The EH216-S completed its first passenger-carrying flight, while the EH216-F and EH216-L showcased high-rise firefighting and aerial logistics capabilities, respectively. The flights, approved by the UAE's General Civil Aviation Authority, took place at the Emirates Falcons Aviation Club in Al Ali.
💡EHang's expansion in the UAE includes partnerships with Wings Logistics Hub and the Abu Dhabi Investment Office.
China-UAE
On May 6, while EHang made waves with a demonstration, AutoFlight, also known as Fengfei Aviation Technology, debuted its 2-ton eVTOL, the V2000CG "Carry All," the first of its kind from China to fly globally. The flight lasted 41 minutes, covering 123 kilometers, and landed with 44% battery capacity remaining.
💡AutoFlight views the Middle East as a pivotal market for its global eVTOL expansion. To foster the adoption of eVTOL technology and facilitate market operations in the region, the company has forged collaborative partnerships with several UAE-based firms.
China
Volant Aerotech, a Chinese eVTOL company, secured nearly 100 million yuan in Series A+ financing led by Huashang Capital, with Jingkai Capital as a joint investor and Gengxin Capital as the exclusive financial advisor. The funds will fuel the advancement of VE25 X1 verification aircraft test flights, product R&D, manufacturing, and commercial passenger transportation.
💡The fresh funds mark Volant's fifth financing round since its establishment in June 2021 and its second hundred-million-yuan round since 2024.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**