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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The RPAS and AAM Strategic Regulatory Roadmap
Australia’s Civil Aviation Safety Authority (CASA) has released its roadmap for Advanced Air Mobility (AAM) development, detailing four key phases:
2024–2026: A rise in RPAS for goods delivery is expected, alongside increased demand for complex operations in shared airspace.
2027–2029: Commercial AAM, including urban passenger transport, will launch, supported by clearer regulations, pilot certifications, and vertiport development.
2030–2033: Mature RPAS operations will dominate, with advanced automation, expanded airspace access, and limited autonomous flights. Scheduled AAM passenger services will grow.
Beyond 2034: RPAS, AAM, and hybrid aircraft will diversify, with highly automated vehicles gradually expanding their role in airspace.
The roadmap highlights CASA’s focus on safely integrating advanced aviation technologies into Australia’s airspace.
Access the road map here.
Sustainable Aviation Fuel Strategy for Hong Kong
Cathay Pacific has welcomed the Hong Kong Sustainable Aviation Fuel Coalition's (HKSAFC) Policy Whitepaper, which outlines a strategy to accelerate the development of a sustainable aviation fuel (SAF) ecosystem in Hong Kong.
The whitepaper emphasizes the need for government-led initiatives to enhance SAF adoption, including local SAF blending capacity and infrastructure development at Hong Kong International Airport (HKIA). Cathay supports these efforts and is committed to contributing to Hong Kong’s goal of becoming a regional and global SAF hub.
With a target for SAF use by 2025, Cathay aims to help the city lead the way in decarbonizing aviation. The airline has already set a 10% SAF usage target by 2030 and launched its Corporate SAF Programme to support the transition.
Global Outlook for Air Transport. A World with Lower Oil Prices?
IATA warns that ongoing supply chain challenges will continue to affect airlines into 2025, driving up costs and limiting growth. The global fleet's average age has reached a record 14.8 years, and aircraft deliveries in 2024 are expected to fall 30% short of predictions. The backlog of unfulfilled aircraft orders has reached 17,000, with deliveries taking up to 14 years to fulfill. Moreover, about 14% of the global fleet remains grounded, including 700 planes for engine inspections.
IATA's Director General, Willie Walsh, highlighted that these issues are hindering airline recovery and profitability.
Access IATA’s outlook here.
EASA publishes updated Easy Access Rules for Aircrew
The European Union Aviation Safety Agency (EASA) has released a major revision of the Easy Access Rules for Aircrew (Regulation (EU) No 1178/2011) in December 2024. Key updates include new requirements for type ratings for vertical take-off and landing (VTOL) aircraft under Regulation (EU) 2024/1111, applicable to commercial pilots of aeroplanes and helicopters. Other changes address cruise relief co-pilot requirements, flight crew licensing, aero-medical standards, and general aviation licensing simplifications as per Regulation (EU) 2024/2076.
The revisions align with the European Commission’s regulatory framework for drones and VTOL-capable aircraft, ensuring training and certification standards keep pace with technological advancements.
The IH2A Low-Carbon eFuels Report 2025-2030
The India Hydrogen Alliance (IH2A) has released its "Low-Carbon eFuels & Heavy Duty Transport Decarbonization Report 2025-2030," focusing on Green Methanol, Green Ammonia, and Sustainable Aviation Fuel (SAF) to decarbonize coastal shipping and aviation. It proposes building Low-Carbon eFuels Hubs and Heavy Duty Transport Corridors along India's coasts.
The report emphasizes collaboration with Singapore and the EU, infrastructure development, and incentives for fleet owners to boost the adoption of low-carbon fuels.
The Shipping Industry Can Help Carbon Capture Sail Ahead
A study by GCMD and BCG highlights shipping’s crucial role in transporting CO2 for for carbon capture, utilization and storage (CCUS) in APAC, where vast distances separate emission sources and sequestration sites. By 2050, 100 million tons of CO2 could be transported annually across APAC, requiring up to 150 CO2 carriers, with an investment of $25 billion. Shipping is more cost-effective than pipelines for distances over 500 km. However, the cost gap between current carbon pricing and CCUS expenses, along with regulatory hurdles, could hinder development.
The report calls for public-private collaboration, infrastructure investment, and clearer regulations to support cross-border CCUS.
Summary
Financing & Investments: Eureka Robotics Raises $10.5 Million in Series A to Expand Operations; Longbridge Group Secures Over $100 Million to Boost International Expansion; GDHF Secures €77 Million Financing for Airbus H160 Helicopters; Indian Airports' Capital Expenditure to Reach US$ 7.07 Billion by FY27; Thailand Issues First Sustainability-Linked Sovereign Bond in Asia; ADB and Gulf Energy Secure $820 Million Loan for Renewable Projects in Thailand; ADB Approves $600 Million Loan to Support Bangladesh’s Structural Reforms; and Selangor Aviation Show Secures RM3.2 Billion in Potential Deals
Environmental Sustainability: EAAIF Marks First Asia Transaction with $86.2M SAF Project in Pakistan; Samsung E&A to Build Biorefinery in Malaysia for SAF Production; Saffaire Sky Energy Secures SAF Certification and Advances Osaka Production Plant; BBGI Acquires Full Stake in BBGI-BI to Accelerate SAF and Biofuel Growth; Sinopec Opens Hong Kong's First Hydrogen Refueling Station; Gold Coast and Townsville Airports to Transition to 100% Renewable Energy in 2025; and IATA Reports SAF Production Doubled in 2024, Calls for Faster Growth
Aviation: Macao International Airport to Build Upstream Cargo Terminal in Hengqin; Shanghai’s New Airport Link Railway to Open by Year-End; Sino Jet Launches Middle East Headquarters; Korean Air Completes Acquisition of Asiana Airlines; ASIC Sues Rex Airlines Over Misleading Disclosure; and IATA Reports $1.7 Billion in Blocked Airline Funds as of October 2024
Advanced Air Mobility: Joby Aviation Completes Successful Flight Tests in Korea; Air New Zealand to Begin Electric Aircraft Testing in 2025; EHang, KC Smart, and Cyberport Partner to Advance Urban Air Mobility in Hong Kong; Aerofugia Breaks Ground on eVTOL Headquarters in Chengdu; and XPeng AeroHT Unveils First Flight of "Land Aircraft Carrier" Flying Car, Mass Production Set for 2026
Artificial Intelligence: VIB Launches ViePro AI Assistant for Mobile Banking; Keppel and Sovico Group Discuss Undersea Fiber-Optic Cable Plans to Boost Data Centre Industry in Southeast Asia; and NVIDIA Opens AI Research Center in Vietnam
Marine: South Korea Unveils $9.78 Billion Plan to Upgrade Port of Busan; Onomichi to Divest 51% Stake in Colombo Dockyard Amid Financial Struggles; Vessev's Electric Hydrofoiling Vessel to Launch in Auckland; and Singapore MPA Launches Scheme to Explore Scalable Solutions for LNG and Bio-Methane Bunkering
Space: Zenno Astronautics Secures Seed Funding for Superconducting Space Technology; Taiwan Space Agency to Join Asia-Pacific Rideshare Satellite Mission; and Fleet Space Technologies Closes A$150M Series D Round with A$800M+ Valuation
Financing & Investments
Singapore
Singapore-based robotics start-up Eureka Robotics has secured $10.5 million in a Series A funding round led by B Capital, with participation from Airbus Ventures, Maruka Corporation, G. K. Goh Ventures, and returning investors UTEC and ATEQ.
The funding will allow Eureka Robotics to scale operations in its current markets of Singapore and Japan, and expand into the US, where it already has initial customers. Eureka plans to grow its presence in Japan with new offices in cities like Nagoya and Osaka.
💡Eureka Robotics develops advanced robotics solutions like the Eureka Controller and Eureka 3D Camera. These products enable high-precision calibration, force control, and cost-effective 3D vision capabilities for industrial robots, making them suitable for tasks such as picking, object recognition, and inspection in factories and warehouses.
Singapore
Singapore-based fintech and securities firm Longbridge Group has raised over $100 million in funding, bringing its total strategic investments to over $150 million. The latest round, backed by various financial groups and investment institutions, will support the company's expansion in key markets such as Singapore, Hong Kong, and the Middle East.
💡The new funding will be used to enhance global trading infrastructure, improve the securities trading experience, and accelerate global market expansion.
Ireland-China
Irish helicopter leasing and finance company GDHF has finalized finance agreements totaling over €77 million with Bank of China (acting as arranger, facility agent, and security trustee) and Helaba, with support from Bpifrance. The funds will finance the acquisition of multiple Airbus H160 helicopters, scheduled for delivery between 2024 and 2026.
💡The agreement was facilitated by Watson Farley & Williams (advising GDHF) and Norton Rose Fulbright (advising Bank of China and Helaba).
India
Indian airports are set to increase their capital expenditure by 12%, reaching US$ 7.07 billion (Rs. 60,000 crore) between 2022 and FY27, up from US$ 6.24 billion (Rs. 53,000 crore) in the previous period. This investment will support infrastructure for 65 million passengers annually. Around 70% of the funding will come from debt.
💡Airport revenues are projected to rise by 17% annually between FY25-27 due to tariff hikes and expanded services. Airports are also investing in terminals, runways, and non-aeronautical facilities to meet this demand. Despite the debt, private airports’ credit profiles are expected to remain strong.
Thailand
Thailand has issued its first sustainability-linked sovereign bond (SLB), raising 30 billion baht ($880 million), with a 15-year maturity. The bond, oversubscribed by 2.7 times, aims to reduce greenhouse gas emissions by 30% by 2030 and increase zero-emission vehicles by 440,000.
💡Supported by the Asian Development Bank (ADB), the SLB is the third of its kind globally, following Chile and Uruguay.
Thailand
The ADB has partnered with Gulf Renewable Energy Company Limited to provide an $820 million loan for 12 renewable energy projects across Thailand. The portfolio includes 8 ground-mounted solar photovoltaic (PV) plants with 393 megawatts (MW) of capacity and 4 solar PV plants with battery energy storage totaling 256 MW and 396 MW-hours of storage.
💡The financing package consists of $260 million from ADB's ordinary capital resources, with $529 million in parallel loans from the Asian Infrastructure Investment Bank, DEG, the Export-Import Bank of China, and KEXIM Global, among others. ADB will also provide $31.35 million in concessional financing from the Clean Technology Fund to manage risks associated with solar-battery projects.
Bangladesh
The ADB has approved a $600 million policy-based loan (PBL) to support Bangladesh’s structural reforms aimed at boosting domestic resource mobilization, improving public investment efficiency, developing the private sector, and enhancing transparency and governance.
💡The loan will help Bangladesh address its low tax-to-GDP ratio of just 7.4% by introducing reforms to increase tax revenue, improve transparency, and streamline tax processes. Key actions include digitalization, green initiatives, and the rationalization of tax incentives. The PBL will also support private sector growth by simplifying business operations, enhancing foreign direct investment, and improving governance of state-owned enterprises.
Malaysia
Invest Selangor Bhd announced that the fourth edition of the Selangor Aviation Show in September recorded potential deals worth up to RM3.2 billion, marking the largest milestone in the event's history. The three-day event, held at the SkyPark Regional Aviation Centre in Subang, attracted 29,638 visitors, surpassing the target of 25,000.
💡The event saw the signing of 41 memorandums of understanding (MOUs) between local and international entities from Singapore, China, the Czech Republic, and Thailand. The MOUs covered areas like the development of the Selangor Aero Park, Sustainable Aviation Fuel (SAF), electric aviation, workforce training, aerospace research, and Maintenance, Repair, and Operations (MRO) capabilities.
Environmental Sustainability
Africa-Pakistan
The Emerging Africa Infrastructure Fund (EAAIF), managed by Ninety One, has completed its first transaction in Asia by participating in an $86.2 million debt financing for a SAF facility in Pakistan. EAAIF invested $20 million in the $141.9 million project, developed by Safco Ventures, which will have a feedstock-processing capacity of 200,000 tonnes.
💡The financing package includes a $41.2 million senior loan from the Asian Development Bank (ADB), $20 million of syndicated senior B-loans from EAAIF and the ILX Fund, and a $5 million syndicated parallel loan from the International Finance Corporation. The rebranding of EAAIF to the Emerging Africa and Asia Infrastructure Fund reflects its expanded focus on South and Southeast Asia.
Malaysia
Samsung Engineering & Construction (Samsung E&A) has secured a $955 million contract to construct a biorefinery in Malaysia for Petronas, Eni, and Euglena. The facility will produce SAF and other biofuels, including hydrogenated vegetable oil (HVO). Located at Petronas' Pengerang Integrated Complex in Johor, the biorefinery will process 650,000 tonnes of raw materials annually, including used vegetable oils, animal fats, and biomass.
💡This marks Samsung E&A’s first venture into the SAF market, with the official contract signing set for January 2025.
Japan
Saffaire Sky Energy, a Japan-based joint venture between Cosmo Oil, JGC, and Revo International, has secured the International Sustainability and Carbon Certification (ISCC) for its SAF under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). The plant, under construction in Sakai, Osaka, is slated for completion by the end of 2024, with commercial production expected in April-May 2025. The project will use domestic used cooking oil (UCO) to produce 30,000 kilolitres per year of SAF.
💡Saffaire Sky Energy has also obtained the ISCC EU certification for compliance with the EU's Renewable Energy Directive. The company is actively securing UCO supply through agreements with various organizations in Japan.
Thailand
BBGI Public Company, a Thai biofuel firm, has acquired the remaining 30% stake in BBGI Biodiesel Company (BBGI-BI), bringing its total ownership to 100%. The move is part of BBGI’s strategy to expand its biofuel operations, with a particular focus on sustainable aviation fuel (SAF). The acquisition boosts BBGI's biodiesel production capacity to 1 million liters per day and strengthens its SAF project, which is 70% complete and on track for commercial operations in Q2 2025.
💡BBGI is also advancing its CDMO project, a first-of-its-kind biotechnology service in Southeast Asia, set to launch next year.
Hong Kong
Sinopec, the world’s largest refiner, has launched Hong Kong's first public hydrogen refueling station. The station, with a daily refueling capacity of 1,000 kilograms, will initially serve hydrogen-powered vehicles, including buses and cars, with plans for expansion as demand grows.
💡The launch is part of Sinopec's broader strategy to invest in hydrogen infrastructure globally. Hong Kong's government is also working to establish a regulatory framework for "green hydrogen" by 2027. China, with over 400 hydrogen refueling stations, is the world's largest producer and consumer of hydrogen, aiming for a 1 trillion yuan ($137.6 billion) hydrogen industry by 2025.
Australia
Starting January 1, 2025, Gold Coast and Townsville airports will be powered entirely by renewable electricity under a seven-year agreement between CS Energy and Queensland Airports Limited (QAL). The move will make the two airports, which serve over 8 million passengers annually, leaders in sustainable aviation operations in Australia.
💡The transition is part of the airports’ master plans for expansion ahead of the 2032 Olympics, with annual passenger numbers expected to double by 2044. The renewable energy shift will help QAL achieve its Net Zero 2030 target, offsetting nearly 90% of its Scope 1 and Scope 2 emissions.
Global
The International Air Transport Association (IATA) has announced that SAF production doubled in 2024, reaching 1 million tonnes (1.3 billion litres). However, this figure fell short of the 1.5 million tonnes originally forecast, with delays in ramping up key facilities in the United States pushing some production targets into 2025.
Looking ahead, IATA projects SAF production will increase to 2.1 million tonnes in 2025, representing 0.7% of total jet fuel output. While this marks progress, SAF still accounts for just 0.3% of global jet fuel consumption.
💡To address the challenges, IATA has outlined three key strategies to boost SAF growth:
Expand Co-Processing: Increase the use of renewable feedstocks in existing refineries to scale up SAF production quickly and cost-effectively.
Diversify Production: Reduce reliance on HEFA (hydrotreated esters and fatty acids) pathways by investing in alternative methods like Alcohol-to-Jet and Fischer-Tropsch technologies.
Establish a Global SAF Accounting Framework: Develop a transparent system to track SAF purchases and ensure fair crediting of environmental benefits to encourage a robust global SAF market.
Aviation
China
A memorandum was signed on December 12 for the construction and operation of an upstream cargo terminal at Hengqin, Zhuhai, Guangdong, aimed at enhancing Macao International Airport’s competitiveness as a regional aviation hub. The 700 million yuan ($96.57 million) project will be a joint effort between Macao International Airport and COSCO Shipping Logistics & Supply Chain Management.
💡Set to begin construction in the first quarter of 2025, the terminal will relocate the airport’s cargo security and distribution functions to Hengqin, improving logistics and facilitating quicker goods movement between Guangdong and Macao. This project is expected to boost the region’s economic development and strengthen air logistics channels between China and Portuguese-speaking countries.
China
Shanghai's first airport link railway connecting Pudong and Hongqiao airports is set to open by the end of 2024, slashing travel time between the two major hubs to just 40 minutes. The 68.6-kilometer route will feature seven stations, including stops at Pudong Terminals 1 and 2, Hongqiao Airport Terminal 2, and the Shanghai International Resort. The full journey will cost 26 yuan ($3.58), with the starting fare at 4 yuan.
💡Future extensions include additional stations at Pudong Airport Terminal 3, expected to be completed by 2028, and Shanghai East Railway Station, slated for 2027.
China-Middle East
Sino Jet has officially opened its Middle East International Headquarters, marking its entry into the regional business aviation market. The new headquarters will support the company’s global expansion and improve services for clients in the Middle East.
Sino Jet, founded in 2011, operates over 20 bases worldwide and offers services like aircraft management, charter, and maintenance. The Dubai-based headquarters will allow the company to better serve the growing demand for business jet services in the region, which has seen increased trade and investment with China in recent years.
💡The headquarters was established with support from the Dubai Department of Economy and Tourism, strengthening Sino Jet’s operations in the Middle East and supporting Chinese enterprises expanding in the region.
South Korea
Korean Air has finalized its acquisition of Asiana Airlines, securing a 63.88% ownership stake with the purchase of 131,578,947 newly issued shares. The deal, announced in 2020, was completed on December 12 following a payment of KRW 800 billion, bringing the total investment to KRW 1.5 trillion.
Asiana Airlines will hold an extraordinary general meeting on January 16 to appoint new board directors, nominated by Korean Air. The integration is expected to take two years, focusing on network optimization, new route expansion, and safety improvements.
💡The merger aims to strengthen Korea’s aviation industry and enhance Incheon Airport’s hub capabilities. No workforce restructuring is planned, with employees reassigned within the expanded organization. Korean Air also plans to submit the integrated frequent flyer program to the Korea Fair Trade Commission by June 2025.
Australia
The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Regional Express Holdings (Rex), accusing the airline of misleading conduct and breaching continuous disclosure obligations. ASIC claims Rex's 28 February 2023 ASX announcement, which projected positive operating profits for FY23, was misleading, as the airline had already incurred losses and lacked a reasonable basis for the forecast.
💡Former executive chair Lim Kim Hai and directors John Sharp, Lincoln Pan, and Siddharth Khotkar are also accused of failing in their duties by not updating the market on the company's financial outlook before a June 2023 downgrade. ASIC seeks declarations, penalties, and disqualification orders against the directors, but no penalties against the company, which is in administration.
Global
IATA reported that $1.7 billion in airline funds remain blocked from repatriation by governments as of October 2024, a slight improvement from $1.8 billion in April. While countries like Pakistan, Bangladesh, Algeria, and Ethiopia have seen reductions in blocked funds, challenges persist in several regions, particularly Africa.
💡Nine countries account for 83% of the blocked funds, with Pakistan leading at $311 million, down from $411 million earlier in the year. The XAF zone and Bangladesh follow with $235 million and $196 million, respectively. However, countries like Mozambique, Angola, and Bolivia have seen increases in blocked funds, with Mozambique and the XAF zone rising by $84 million each. Bolivia now reports $42 million in blocked funds.
Advanced Air Mobility
South Korea-USA
Joby Aviation has successfully completed flight tests in Goheung, Korea, as part of the K-UAM Grand Challenge. The company became the first to conduct demonstration flights in Korea for the program, which aims to help commercialize air taxis in the country.
During the tests, Joby showcased its electric air taxi's capabilities, including various flight profiles and wing-borne flight. The flights also highlighted Joby’s potential collaboration with Korean partners for future operations.
💡Joby is part of the K-UAM Dream Team, a group of companies working on air mobility in Korea. The company is working toward certification with the U.S. Federal Aviation Administration (FAA) and has already received airworthiness certifications in the U.S. and Japan.
New Zealand-USA
Air New Zealand has announced plans to operate a battery-electric ALIA CX300 aircraft from April 2025 as part of a technical demonstrator programme in partnership with BETA Technologies. The aircraft, based initially at Hamilton Airport, will conduct proving flights before expanding to Wellington and other locations.
💡The programme aims to prepare the airline for the arrival of commercial battery-electric cargo aircraft in 2026, which will service routes between Wellington and Blenheim. The ALIA CX300, developed by US-based BETA Technologies, offers Air New Zealand an early opportunity to test the technology, train pilots, and engage with the New Zealand public on the future of low-emission aviation.
Hong Kong
EHang, KC Smart Mobility, and Cyberport have announced a partnership to accelerate urban air mobility in Hong Kong, introducing pilotless eVTOL (electric vertical take-off and landing) aircraft for passenger and logistics transport in the Greater Bay Area.
EHang will provide its EH216-S autonomous eVTOL, offering eco-friendly and efficient air mobility. KC Smart Mobility will integrate the technology into Hong Kong’s transport infrastructure, while Cyberport will support testing and development through its low-altitude economy regulatory sandbox.
💡The collaboration aims to drive sustainable transport solutions and innovation, contributing to the growth of Hong Kong’s smart city and green mobility sectors.
China
Aerofugia, a Chinese eVTOL aircraft developer and subsidiary of Geely Technology Group, broke ground on its global headquarters in Chengdu, Sichuan province, on December 12. The facility, located near Chengdu Tianfu International Airport, will focus on R&D and mass production of the AE200 aircraft.
Spanning 30 mu (20,000 square meters) in the first phase, the facility will use a multi-story design to improve efficiency and reduce environmental impact. It will also feature China’s largest autoclave for eVTOL production and energy-saving technologies, including photovoltaic panels.
💡The headquarters aims to support regional growth, foster collaboration, and solidify Chengdu as a hub for low-altitude mobility.
China
XPeng AeroHT marked a milestone on December 14 with the successful maiden flight of its "Land Aircraft Carrier" flying car in Shanghai's Lujiazui area. Zhao Deli, founder and president of XPeng AeroHT, announced that the company’s mass production facility is on track for completion by the third quarter of 2025. The flying car is expected to receive its Civil Aviation Type Certificate by October 2025, with mass production and deliveries scheduled to commence in 2026.
The company’s new manufacturing base in Guangzhou's Huangpu District, which began construction in October, will serve as the world’s first large-scale production facility for flying cars, with an annual output capacity of 10,000 units.
💡Zhao also shared that early adopters, known as "first flight code" users, could begin flying the "Land Aircraft Carrier" by 2026. The pre-order channel for the flying car, which opened in November, offers early users exclusive benefits such as priority deposits, personalized delivery options, full-flight training, and unlimited access to flying camps.
Artificial Intelligence
Vietnam
Vietnam International Bank (VIB) has launched ViePro, a generative AI assistant powered by Amazon Web Services (AWS), to enhance customer service on its MyVIB platform. ViePro offers 24/7 support in Vietnamese, helping customers with services like credit cards, mortgages, and loans. The AI assistant uses a proprietary knowledge base to ensure customer privacy and integrates AWS's Claude 3 Haiku on Amazon Bedrock for tailored banking solutions.
💡The AI is expected to boost productivity by 40% and reduce costs by up to 80%. VIB aims for a 20% growth in its digital customer base within a year. After successful trials with VIB employees and select customers, ViePro is set to roll out to millions of users starting in December. VIB has also partnered with AWS to provide AI and cloud computing training for its workforce.
Singapore-Vietnam
Keppel, a Singaporean asset manager, and Vietnam’s Sovico Group are in talks about new undersea fiber-optic cables aimed at boosting the region's data centre industry, sources familiar with the discussions told Reuters. The initiative comes as Southeast Asia, a key junction for cables linking Asia to Europe, looks to expand its network to meet the growing demand for AI services and data centres. Vietnam plans to build 10 new submarine cables by 2030.
💡One potential plan includes a $150 million cable connecting Vietnam directly to Singapore. However, talks are still ongoing, with Keppel favoring a more ambitious project involving a consortium of investors, linking Singapore to Japan with connections to other countries along the route.
Vietnam
NVIDIA has launched its first AI research and development (R&D) center in Vietnam, aimed at accelerating the country’s AI growth. The center will focus on software development, leveraging Vietnam’s strong STEM talent pool and fostering collaboration with startups, government agencies, universities, and industry leaders.
💡The R&D center will support AI innovation in key sectors such as healthcare, education, transportation, and finance. Vietnam’s fast-growing economy and increasing integration of AI into various industries have made it a key player in the region’s technology landscape.
Marine
South Korea
South Korea’s Ministry of Oceans and Fisheries (MOF) has announced a 14 trillion KRW ($9.78 billion) investment plan to upgrade the Port of Busan by 2045, aiming to make it the world’s largest container handling hub and a leading logistics center in the region. The initiative responds to global maritime industry challenges, including geopolitical tensions, supply chain disruptions, and climate-related events.
💡Busan Port, which currently handles 76.8% of South Korea's container cargo, plays a key role in the country’s export-import logistics and climate neutrality goals. The plan will focus on expanding terminals, improving sustainability, and adopting digital technologies to enhance its competitiveness against major ports in China and Singapore.
Japan-Sri Lanka
Japan’s Onomichi Dockyard Company has announced plans to divest its 51% stake in Sri Lanka’s Colombo Dockyard, marking a significant shift for the shipbuilding and repair company amidst financial difficulties and increasing competition. Onomichi’s decision to sell its shares follows deepening financial pressures, with 2024 revenues down by a third and a $38 million loss recorded last year.
Colombo Dockyard, a key player in Sri Lanka's export sector, specializes in shipbuilding and repair, handling vessels up to 125,000 dwt. The shipyard has seen recent growth in export revenues, earning $110 million in 2023. Despite this, it faces mounting challenges, particularly from India’s expanding shipbuilding industry. Onomichi, which gained control of Colombo Dockyard in 1993, has confirmed its board’s resignation as part of the divestment process.
💡The Colombo Dockyard board is in early talks with potential new investors and remains hopeful for continued operations with a new strategic partner.
New Zealand
Vessev’s VS-9 electric hydrofoiling vessel has received commercial approval from Maritime New Zealand and will begin accepting passengers in Auckland on January 29, 2025. This marks the world's first certified tourism electric hydrofoil, joining Fullers360's fleet, New Zealand's largest ferry operator.
The 9-meter vessel can carry up to 10 passengers at a cruising speed of 25 knots and boasts a range of up to 50 nautical miles (93 km). Powered by a 55kW propulsion system, it is exceptionally efficient, using less power than traditional vessels of its size.
💡Designed using hydrofoiling technology adapted from America's Cup yachts, the VS-9 is the first hydrofoil to meet international DNV standards for passenger transport. Vessev’s CEO, Eric Laakmann, anticipates that electric hydrofoiling vessels will become commonplace on major bodies of water in the next decade.
Singapore
The Maritime and Port Authority of Singapore (MPA) has launched a scheme to explore scalable solutions for sea-based LNG reloading and the supply of e/bio-methane, inviting participants to submit proposals for testing. The scheme focuses on three key areas: scaling up sea-based reloading operations, facilitating the supply of LNG alternatives like liquefied bio-methane, and developing floating platform concepts to improve bunkering safety and efficiency.
💡The selected participants will conduct trials in Singapore starting in 2025, with a focus on mitigating methane slip. The insights gained will inform the review of Singapore’s LNG licensing framework. LNG bunkering in Singapore has significantly increased, from 16,000 tonnes in 2022 to over 385,000 tonnes in 2024.
Space
New Zealand-Japan
New Zealand-based Zenno Astronautics has closed its seed expansion funding round, securing investment led by Global From Day One (GD1) with support from Shasta Ventures, Nuance, K1W1, UniServices, NZVC, and New Zealand Growth Capital Partners. Japan’s Global Brain also joined the round, contributing investment on behalf of ANA HOLDINGS and Mitsubishi Electric.
💡Zenno’s Z01 product is designed for high-precision satellite repositioning, offering scalable and fully electric space technology. The funding will help Zenno expand its reach, particularly into the Japanese market, and accelerate the development of its space technologies.
Taiwan
The Taiwan Space Agency (TASA) will collaborate with several Asia-Pacific nations on the "Faraday Dragon" rideshare satellite mission, initiated by BAE Systems. The mission, sponsored by the UK Space Agency, will feature multiple nations, including Taiwan, the UK, Singapore, Thailand, and the Philippines.
BAE Systems’ In-Space Missions is developing the 310kg satellite, with Taiwan leading the development of payload technology. TASA’s payloads will include various Taiwan-made equipment, such as a planetarium, solar sensor, and gamma-ray monitor.
💡The satellite, set to launch via SpaceX in 2027, will carry multiple payloads from the participating nations, enabling them to share data and equipment in space. TASA’s team will travel to the UK for payload integration, with the goal of finalizing the contract by early next year. The satellite is expected to operate in space for at least five years.
Australia
Fleet Space Technologies, an Australian space exploration company, has secured A$150 million ($100 million) in a Series D funding round led by Teachers' Venture Growth (TVG) and joined by Blackbird Ventures, Hostplus, Horizons Ventures, Artesian Venture Partners, and Alumni Ventures. The company, valued at over A$800 million ($525 million), plans to use the funds to enhance its ExoSphere platform, which combines satellite technology, AI, and 3D subsurface imaging to accelerate the discovery of critical minerals for the global clean energy transition.
💡In addition to advancing mineral exploration on Earth, Fleet Space is developing technology for future lunar missions, including a smart seismic sensor system (SPIDER) for the Moon, scheduled for deployment in 2026.
**Nothing in this article is intended to be or should be construed as legal or financial advice.**