Putting AI in tech milestone perspective – Asia Times

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Recently, artificial intelligence ( AI ) technology has been at the forefront, drawing attention to businesses like Nvidia, which is now one of the world’s most valuable companies.

But where does this tech stand among those that have made the online world possible? Due improvements with the greatest potential were primarily based on electronic devices, which made it possible to develop more powerful computer and communication systems.

The transistor, which was created in 1946 and is the genesis of our modern electronic age, was the first step in the right direction. In various forms, the circuit, which replaced vacuum tubes products, is the solid-state system enabling all electrical systems.

Its scalability, reliability, and low switching power dissipation made it possible to build reliable computing systems that could n’t be achieved using previous vacuum tube technology.

In the 1960s, the following vital invention came: the integrated circuits, which combined several connected transistors on a silicon chip. The core of almost all modern digital systems is this invention, which has grown from a dozen circuits on a device to billions today.

The chips ‘ infrastructure is determined by the desired system functionality based on transistor connections.

Strong computing systems require high-speed connections, and the introduction of lasers and fibre optics solved this problem. The most widely used laser developed in the 1970s were silicon beams that enabled information contacts by high-data-rate grain optic-based data transfer.

High-frequency light photons from visual materials can be used to transmit digital data over thousands of kilometers. Now, fiber optic contacts, along with mobile systems, dominate online communication.

The development of the system that made widespread consumer and business contacts possible worldwide was completed with the introduction of the Internet in the 1990s.

Although computer software technology was developing, it was unable to keep up with the fast development of devices, which led to a rapid increase in data. As a result, the nation’s systems generated enormous amounts of data that were not important. To manage and usage data, better strategies were required.

Since the 1950s, scientific work has been ongoing to translate ideas about the special capabilities of the human mind to computer systems, despite limitations in existing technologies.

The human mind functions on the basis of a large number of coordinated cells that talk as needed to manage human activities.

Instead of using the horizontal running method, the idea that underpins AI&nbsp, systems was that computer data processing may resemble that of the human mind, or “neural running.”

It was believed that this control would enable much more effective access to and use of computer energy. But, practical results were delayed to come.

In consequence, the suggested AI systems relied on large parallel information processing. A large number of running transistors, powered by an enormous quantity of processing transistors, were all that was needed to create valuable systems.

With small practical application, years of research on these methods and techniques were conducted. Finally, &nbsp, with the integrated circuit performance improving along Moore’s Law, it became possible to build useful AI systems ( with Nvidia in the processing device leadership ) and really remarkable data processing results were demonstrated. Thus the prevailing people excitement.

But is all the pleasure warranted? In my opinion, AI deserves a level alongside the main prior modern technology advances. AI enables an massive improvement&nbsp, in the use and benefit of information. It does not discover new information, but it can detect trends in previously unobserved patterns in data.

AI may induce human creation by uncovering undiscovered connections but does not invent. Ultimately, it can communicate with people in real time, which would make it possible to perform tasks that are error-prone in modern techniques.

No, it does not bestow desktops with human intellect, but it enables people intelligence to perform at new levels of efficiency.

Henry Kressel is a technician, engineer, company executive and writer who has created numerous essential innovations, including founding functional semiconductor lasers. He is also a long-term private equity investment in technology businesses.

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DNB terminates share subscription agreement with TM

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  • TM requested more improvement, DNB turned this down without offering&nbsp, cause
  • Cancellation has no effect on the accuracy of completed SSAs with the four MNOs.

Telco CEOs at the May 2023 signing of the Share Subscription Agreements with DNB.

Digital Nasional Bhd ( DNB) announced, in a statement late Friday evening, that the conditions precedent longstop date for Telekom Malaysia Bhd ( TM) with respect to the Share Subscription Agreement entered between DNB, Minister of Finance ( Incorporated ) ( MoF Inc ) and TM dated 1 Dec 2023 ( TM SSA ) expired on 21 Aug, and consequently the TM SSA has been terminated on 23 Aug.

The TM longstop meeting was recently changed from 21 June to 21 Aug in order for TM to obtain its shareholders ‘ consent, which was one of the TM SSA’s precedent conditions. TM requested a further expansion of the longstop meeting to 31 Dec 2024 because it was unable to fulfill the condition precedent by the 21 Aug deadline. Coc stated it was unable to extend the deadline any further while it deliberated on the demand. It did not give a reason for its selection.

DNB canceled the TM SSA on August 23rd, 2015 by issuing the necessary cancellation notices to TM and MoF Inc.

The Share Subscription Agreements ( Saas ) were signed by DNB’s four mobile network operators ( MNOs ) in Malaysia on June 28, 2024, including YTL Communications Sdn Bhd through YTL Power International Bhd. The authenticity of the completed SSAs with the four MNOs is not affected by the termination of the TM SSA, according to DNB.

The four MNOs collectively acquired an estimated 65.1 % equity stake in DNB under the terms of the SSAs, with each MNO holding an estimated 16.3 % stake. The Malaysian Government, represented by MoF Inc., retains an approximately 34.9 % interest and a Special Promote in DNB for a designated time.

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BidNow raises US.2 million in Malaysia’s first Token Crowdfunding campaign

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  • Campaign enables Bid Here’s growth into Singapore&nbsp,
  • Success reflects growing trust in token-based fundraising

Frankie Goh, CEO, BidNow (left) and Nicholas Chong, head of TCF, pitchIN

pitchIN’s and Malaysia’s first Token Crowdfunding (TCF ) campaign has surpassed its minimum target of US$ 1.1 million ( RM5 million ), reaching US$ 2.2 million ( RM10 million ) with 469 investors. This is the first public TCF campaign to succeed in accordance with the Securities Commission (SC )’s ( IOE ) guidelines.

Bid Now, a Registered Market Operator with the SC, ran this battle via pitchIN. BidNow is a Malaysian-based auction platform that enables its users to pay and bidding on different products, including home appliances, gadgets, extravagance items, and real property. Since 2019, the firm claims that over 20, 000 active customers and more than 8, 000 real estate brokers have signed up.

Frankie Goh, CEO of Bid Now, stated,” We are honoured to be the first successful public TCF campaign in Malaysia, surpassing our minimum target and reaching US$ 2.2 million ( RM10 million ). This success is a bible to the trust that our traders have in us.

]RM1 = US$ 0.218]

” We chose Metres because we think blockchain technology can transform everything, and this achievement represents a major step in our journey. With this support, we’re expanding our businesses into Singapore and may integrate bitcoin into our platform to enhance performance, accountability, and surveillance”, he added.

To run both the Equity Crowdfunding (ECF ) and TCF platforms, pitchIN is a digital fundraising and investment hub that is registered with the Securities Commission Malaysia.

Nicholas Chong, pitchIN’s Head of TCF, said,” Bid Now’s success in raising RM10 million from TCF within eight weeks signals demand and opportunities for regulated token offerings in Malaysia. As one of the few token launchpads in the world with entirely regulated regulations, pitchIN is well-positioned to help businesses and individuals connect with Web3 traders and fund raising.

He added that the company has two to three exciting deals in the pipeline, which it anticipates launching this year after the SC reviews them, for investors who did n’t receive the first TCF deal.

Sam Shafie, CEO of pitchIN, adds,” We hope that Bid Now’s success will pave the way for others to follow suit. We’re confident that we can help other businesses that want to consider TCF as a viable solution for their charity to power development for their businesses now that we have completed our first campaign.

This success not only provides a new standard for Malaysia’s fundraising business, but it also demonstrates the country’s growing confidence in token-based fundraising strategies. It is a bible to the economy’s readiness to embrace modern monetary systems. PitchIN predicts that as more companies start to discover blockchain and tokenization, the landscape of capital increasing may continue to change, providing a variety of opportunities for both investors and entrepreneurs.

For more information, please explore pitchin. my/token&nbsp,

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PropertyGuru enters into definitive merger agreement to be acquired by EQT Private Capital Asia for US$ 1.1 bil

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  • Upon conclusion, PropertyGuru will get personal and delist from the NYSE
  • Transaction expected to near by Q4 2024 or Q1 2025, pending circumstances

PropertyGuru enters into definitive merger agreement to be acquired by EQT Private Capital Asia for US$ 1.1 bil

PropertyGuru Group Limited, one of Southeast Asia’s top property technology firms, has signed an agreement to combine with affiliates of BPEA Private Equity Fund VIII Limited ( EQT Private Capital Asia ), a division of EQT AB, a global investment company. The all-cash transaction values PropertyGuru at approximately US$ 1.1 billion ( RM3.8 billion ). PropertyGuru’s board of directors, following a suggestion from a particular commission, has overwhelmingly approved and recommended that owners approve the consolidation. With the assistance of financial and legal officials, the Special Committee negotiated the consolidation term.

Each ordinary share of PropertyGuru issued and outstanding before the effective date ( excluding some shares ) will automatically convert into the right to receive US$ 6.70 ( RM29 ) per share in cash, unaffected by any interest, pursuant to the merger agreement. This represents a 52 % premium to PropertyGuru’s closing share price on 21 May 2024, and a 75 % and 86 % premium to the company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending on that date.

Major owners, including TPG Asia VI SF Pte. Ltd., TPG Asia VI SPV GP LLC, and Epsilon Asia Holdings II Pte. The merger’s owners, who collectively hold 56 % of the excellent common stock, have entered into election and help agreements with KKR.

PropertyGuru enters into definitive merger agreement to be acquired by EQT Private Capital Asia for US$ 1.1 bilHari V. Krishnan ( pic ), &nbsp, CEO &amp, MD, PropertyGuru Group, said,” We are pleased to embark on this new chapter with EQT. This relationship comes after years of transformative growth, which TPG and KKR have supported, making us the world’s leading PropTech system in Southeast Asia. As we continue to innovate and provide value to our consumers, customers, and stakeholders across the region, EQT’s international experience in building marketplaces and commitment to sustainable development will further improve our perception to energy communities to live, function, and thrive in today’s cities”.

In addition, Janice Leow, a partner in the EQT Private Capital Asia advisory group and nose of EQT Private Capital Southeast Asia, stated that” PropertyGuru has firmly established itself as the leading property market system in Southeast Asia, and we are deeply impressed by the strong base it has built over the past 17 years as well as with its brilliant team.”

” We think our offer strategically positions PropertyGuru to fully exploit its long-term growth potential while offering shareholders compelling value and certainty.” With EQT’s significant experience in the technology, online classifieds and marketplace sectors, we aim to further strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its consumers, customers and stakeholders”, she added.

The transaction is expected to close in Q4 2024 or Q1 2025, subject to customary conditions, including approval by PropertyGuru’s shareholders and receipt of regulatory approvals. There is no financing condition for the transaction. Upon completion, PropertyGuru’s shares will cease trading on the New York Stock Exchange, and the company will become private, with its headquarters remaining in Singapore.

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EQT Private Capital Asia agrees .1bn deal for PropertyGroup Guru; buys Korean recycler and seeks .5bn fundraise | FinanceAsia

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PropertyGuru Group ( PropertyGuru), a leading property technology company in Southeast Asia ( SEA ), has been acquired by Hong Kong-based EQT Private Capital Asia for$ 1.1 billion in cash.

TPG ( through TPG Asia VI SF and TPG Asia VI SPV, in its capacity as general partners of TPG Asia VI Digs ), which owns around 26.5 %, and KKR ( through Epsilon Asia Holdings II ), which owns around 29.6 % of the business. In order to help the bargain, both companies have entered into voting and aid contracts with the business and EQT Private Capital Asia. &nbsp,

PropertyGuru’s board of directors, acting upon the advice of a particular commission, unanimously approved the deal and recommends acceptance of the acquisition by PropertyGuru’s owners, according to an August 16 news.

The offer is equal to$ 6.70 per share and represents a 52 % premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75 % and 86 % premium to the company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024, the announcement said. &nbsp,

The deal is expected to close in Q4 2024 or Q1 2025, subject to final problems, including acceptance by PropertyGuru’s shareholders and certificate of regulatory approvals.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange ( NYSE), and PropertyGuru will become a private company. PropertyGuru’s office will be in Singapore.

 

Freshfields Bruckhaus Deringer acted as the unique committee’s legal counsel, and Moelis &amp, Company is its financial consultant. Ropes &amp, Gray serves as EQT Private Capital Asia’s legal advisor, and Morgan Stanley Asia ( Singapore ) serves as its financial advisor. Latham &amp, Watkin is KKR and TPG’s legal advisor, and JP Morgan Securities Asia Private is their financial director.

 

PropoertyGuru Group has a consolidation program with members of BPEA Private Equity VIII, a purpose-driven international investment company, in order to have the business acquired by EQT Private Capital Asia. &nbsp,

 

Development potential&nbsp,

 

The firm was founded in 2007 by Steve Melhuish and Jani Rautiainen, and provides online property markets for home seeking, real estate agents, home developers, banks and brokers across Singapore, Malaysia, Vietnam and Thailand. In a special purpose acquisition ( SPAC ) agreement with Bridgetown 2 Holdings, which Richard Li and Peter Thiel supported, PropertyGuru was listed on the NYSE in March 2022 and raised$ 254 million. &nbsp,

Hari Krishnan, chief executive officer &amp, managing director, PropertyGuru, said in a statement,” We are pleased to embark on this new chapter with EQT. This agreement comes after decades of transformative growth, which TPG and KKR have supported, making us the industry’s top proptech platform.

Krishnan added:” As we continue to innovate and provide value to our consumers, customers, and stakeholders across the place, EQT’s international experience in building marketplaces and commitment to sustainable development will further improve our perception to power communities to live, function, and thrive in tomorrow’s cities”.

” PropertyGuru has firmly established itself as the leading property market system in Lake, and we are deeply impressed by the strong base it has built over the past 17 years as well as with its brilliant team,” said Janice Leow, partner in the EQT Private Capital Asia consulting team and head of EQT Private Capital SEA.

Leow continued,” We think our offer strategically positions PropertyGuru to fully exploit its long-term growth potential while offering shareholders compelling value and certainty.” With EQT’s significant experience in the technology, online classifieds and marketplace sectors, we aim to further strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its consumers, customers and stakeholders”.

Buys Korean recycler, seeks$ 12.5bn raise

For an undisclosed sum, EQT Infrastructure VI purchased a KJ Environment from Genesis Private Equity. According to a media release, the goal is to establish” a sclaed and diversified end-to-end waste treatment scheme platform focused on plastic recycling and waste-to-energy in South Korea.” &nbsp,

KJ Environment works across recyclable waste sorting, plastic recycling and waste-to-energy. It has locations in the Greater Seoul Metropolitan Area, which provide services to catchment areas that account for more than 50 % of the nation’s GDP and population.

The purchase is EQT’s second infrastructure investment in South Korea.

In the release, Sang Jun Suh, a partner in the EQT infrastructure advisory team, stated,” We look forward to using EQT’s extensive experience investing in sustainable waste and recycling solutions across geographies, combined with our strong local footprint and industrial network, to help KJ Environment become a true market leader in the waste treatment space.

The business strengthens EQT’s track record of supporting infrastructure companies in the Asia Pacific region by extending its global portfolio of businesses that engage in waste-related business. Since 2020, EQT Infrastructure has invested €5 billion ($ 5.52 billion ) of equity, including co-investment, in Asia Pacific companies. Around 11, 000 people work the portfolio managed by EQT’s infrastructure team in Asia Pacific.

The transaction is subject approvals and&nbsp, is expected to close in Q4 2024. EQT was advised by JP Morgan on financials, Kim &amp, Chang for legal, and PwC for financial and tax.

With this transaction, EQT Infrastructure VI is expected to be 45-50 % based on target fund size and subject to customary regulatory approvals.

Meanwhile, EQT is looking to raise around$ 12.5 billion for EQT Private Capital Asia’s BPEA Private Equity Fund IX.

 

¬ Haymarket Media Limited. All rights reserved.

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Small modular reactors: Not all that glows is gold – Asia Times

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This is a continuation of an earlier Asia Times post on tiny nuclear reactors.

The only small modular reactors ( SMRs ) that are currently in use are China and Russia ( HTR-PM high temperature gas cooled reactor ), and the only other nuclear power plants that are about to become operational are mostly traditional pressurized water reactor designs. However, the present scenario is not just a matter of similar old, same old.

The good news is that the design phase for many more Biomarkers is underway. Now, more than 80 professional SMR models are being developed around the world. Some of those patterns are being developed by well-known nuclear companies, frequently with government assistance.

The bad news is that start-up companies are putting forth another styles with an eye on the principal chance but much technical skills.

Many of these businesses appear to be promising to build their schemes in the first 2030s, something that is almost surely impossible to do. They are promising to do so as much expense as possible. The majority of businesses provide wildly optimistic structure and deployment timelines that are continually being updated.

The reactor designs on offer cover a wide range of different reactor technologies, starting with those that are smaller than the more well-known pressurized water reactor ( PWR ) designs before moving on to more complex designs like molten salt reactors, high-temperature gas-cooled reactors, and fast neutron reactors. They target varied outputs and various uses, such as electricity, cross energy systems, heating, water desalinization and steam for commercial applications.

These systems are promoted as possible, flexible, cost-effective electricity solutions with lower investment costs that are perfect partners for renewables. Their advantages are variously listed as ease of siting, reduced waste generation, increased safety and rapid construction.

The International Atomic Energy Agency &nbsp, ( IAEA ), in a detailed report published in 2020, included details of 25 land-based water-cooled SMRs from 12 countries, six marine-based water-cooled SMRs from two countries ( four from Russia and one from China ), 11 &nbsp, high-temperature gas-cooled reactors ( HTGRs ) from eight countries, 11 fast neutron reactors ( FNRs ) from seven countries, 10 molten salt reactors ( MSRs ) being developed by six countries, and six microreactors ( MMRs ) from four countries.

Of the 69 reactors described, 36 were only in the pre-conceptual or conceptual design phase, while four were in the preliminary design stage.

US X-energy’s Xe-100 envisaged start of construction in 2025. However, X-energy now declares that it intends to use its first advanced SMR by the early 2030s. Image: X-energy

The companies provided the information, and the optimistically suggested construction or deployment dates have changed as the years have gone on. For example, US X-energy’s Xe-100 envisaged the start of construction in 2025 but now says it aims to deploy its first advanced SMR by the early 2030s.

Similarly, in 2020 the timeline of ARC Clean Technology’s ARC-100 sodium-cooled fast reactor foresaw the first unit going into service in 2028. &nbsp, The ARC-100 was selected by New Brunswick Power for commercial demonstration on the company’s Point Lepreau site.

A deployment date of 2035 is now being suggested. However, Arc has just laid off staff, putting even that timeline in doubt. According to ARC, the organization is “re-aligning personnel and resources to strengthen our strategic partnerships and rationalize operations to best prepare for the next phase of our deployment.”

According to an IAEA report, US-based Terrestrial Energy anticipated the start of the construction of its first full-scale integral molten salt reactor in Canada in the early 2020s. That did n’t happen. Image: Terrestrial Energy

In the early 2020s, US-based Terrestrial Energy is expected to start building its first full-scale integral molten salt reactor ( IMSR ) in Canada, according to a report from the IAEA.

That did n’t happen. Currently, the company says it hopes to develop IMSR fuel in the 2030s to support a fleet of IMSR plants.

US TerraPower’s Natrium—a combination of molten salt and FNR technology that claims to be “one of the fastest and lowest-cost paths to advanced, zero-carbon energy” —originally set a deployment date of 2028. However, Terrapower, chaired by Bill Gates, has since indicated a two-year delay due to problems with fuel development. Deployment, even in 2030, seems highly unlikely, despite the spin. &nbsp,

Basically, Natrium is a sodium-cooled fast reactor. Currently, the only commercially operating sodium-cooled fast reactors are in Russia. Things started to change in the late 1970s as concerns about limited uranium resources waned and public opinion became more hostile in the wake of the 1979 Three Mile Island accident in the US and the 1986 Chernobyl disaster in Russia.

By the early 1990s, the fast reactor programs in the US, the UK, and Germany had all been abandoned. France continued for a few more years, finally closing &nbsp, its SuperPhenix in 1998 and Phenix in 2009 and in 2019 also canceled its ASTRID sodium-cooled fast reactor demonstrator design project.

Although there are now renewed interest in private company initiatives in Europe and the US, both through collaborative projects and government funding, it is still in its early stages of development and probably decades away from being implemented.

Case study: the UK’s newcleo

The UK-based Newcleo is a prime example of a start-up company that promises swift technological advancement. Since its launch in 2021, it has been very active, signing a long list of agreements, acquisitions and collaborations but has produced very little technical information. Newcleo, who is currently working on a small lead-cooled fast reactor ( LFR ), claims the reactor’s design “has been optimized over the last 20 years,” but provides no further information.

In December 2023, newcleo said it had been selected as part of the” Innovative Nuclear Reactors” call for projects under the” France 2030″ investment plan, and aimed to commission the LFR-30 by 2030, along with a pilot unit for the manufacture and multi-recycling of mixed oxide ( mox ) fuel for fast reactors.

Following the construction of the LFR-30 and mox plant in France, newcleo plans to construct a 200 MWe first-of-a-kind commercial unit ( LFR-AS-200 ) in the UK by 2033.

Currently, LFR technology remains at the pre-conceptual stage except in &nbsp, Russia, which is constructing the world’s first lead-cooled small FNR ( Brest-OD-300 ) as part of a facility to demonstrate an on-site closed fuel cycle, including novel fuel fabrication.

This reactor, based on decades of complex research and development, and supported by the entire Russian nuclear industry, is due to begin operation in 2029. By contrast, newcleo’s technology remains on the drawing board and construction of its LFR-30 by 2030 and the LFR-AS-200 by 2033 would be little short of miraculous.

Nevertheless, newcleo has been very busy commercially. It completed a 300 million euro ($ 331 million ) equity raise in June 2022 after raising an initial capital raise of$ 118 million and acquiring Hydromine Nuclear Energy, and contracted France’s Orano to prepare feasibility studies for a mox production plant.

Newcleo and Italy’s Enel signed a cooperation agreement in March 2023 to work together on projects involving nuclear technology. In its first NPP, Newcleo’s agreement to secure an option for Enel as an investor was included in the pact.

Newcleo works hard at promotion. Photo: newcleo

Following a further equity raise of up to 1 billion euros, Newcleo and Italian shipbuilder Fincantieri and certification company RINA entered nuclear applications for shipping in July 2023.

A memorandum of understanding was signed with the UK’s National Nuclear Laboratory for collaboration on advanced nuclear R&amp, D. The following month, Newcleo agreed to purchase the shares of French nuclear pumps group Pompes Rütschi and Rütschi Fluid.

October 2023 saw newcleo sign a cooperation agreement with Italy’s Tosto Group, a manufacturer of equipment for the chemicals, oil and gas and energy sectors. Additionally, the UK-based Servizi Ricerche e Sviluppo and Fucina Italia, both of which are focused on the creation of nuclear systems using liquid lead technology, have been acquired by the Italian company.

In November, a five-year agreement was signed with the London School of Economics & Political Science to carry out cutting-edge research into the economics of energy policy. At the World Nuclear Exhibition in Paris in December 2023, Newcleo and Assystem, Ingérop, and Onet Technologies announced three strategic partnerships to advance technology in France.

A strategic and industrial partnership with French start-up Naarea was signed in January 2024 to support the development of Generation IV FNRs. This came a few days after an agreement with Italy-based MAIRE subsidiaries, NextChem Tech and Tecnimont, to use newcleo’s reactors to decarbonize the chemical industry.

In March 2024 a strategic partnership was launched with Viaro Energy, a London-based independent upstream energy company. The partnership aims to encourage the oil and gas industry’s decarbonization through the use of advanced modular reactors in the future.

Following feasibility studies, the companies aim to jointly deploy newcleo’s 200MWe LFR “at chosen sites within Viaro’s portfolio”. Viaro also directly invested in Viaro by acquiring shares in its most recent capital raise.

In April 2024, a partnership agreement was signed with the French Alternative Energies &amp, Atomic Energy Commission ( CEA ) to develop Newcleo’s LFR.

The Nuclear Industry Association, the UK’s nuclear trade association, recently applied for a justification decision for Newcleo’s LFR-AS-200.

Before any new class or practice involving ionizing radiation can be introduced into the UK, the government must make a decision in this regulatory process. It serves as a prelude to upcoming regulatory procedures and does not constitute a permit for the completion of a particular project. &nbsp,

Nevertheless, Stefano Buono, newcleo’s CEO, said this was” an important milestone in our development program and a vital step forward in our delivery plan for the UK”. Newcleo has unmistakable big ideas. We continue to advance our UK plans at a steady rate, according to Bono, adding that we hope to have our first-ever commercial reactor operational by 2033.

When investment trumps tech development

Since 2020, when IAEA published its SMR book, a myriad of new companies similar to newcleo have appeared. Some of these are spin-offs of well-known research organizations, such as:

  • Blue Capsule ( spun out of the French Alternative Energies &amp, Atomic Energy Commission ),
  • Steady Energy ( spun out of Finland’s VTT Technical Research Centre ) and
  • Thorizon ( as spelled out by the NRG research institute in the Netherlands ).

Some have collaborated with well-known energy companies and/or received funding from government organizations like the France 2030 National Investment Plan, Great British Nuclear, and US Department of Energy.

However, they have all had to concentrate a lot of their efforts on gaining this support and pursuing private investment to the detriment of developing their technologies. Very few projects have advanced beyond the design stage, despite the considerable effort put into creating designs to entice funding. Newcleo is a shining illustration of this phenomenon.

It is undoubtedly no coincidence that the only SMRs that are active are in China and Russia, where there is strong state support for technological advancement and little hope of a quick profit. It is necessary to take the long view in order to develop new, especially complex advanced technologies.

Russia began working on its floating NPP in 2009, and it has continued despite significant technical and economic challenges. Numerous renowned research institutes and design bureaus provided input for the project.

By contrast, the new start-up businesses in Europe and the US must operate in a business environment where even governments demand a return on their investments. Hardly surprising, then, that many lose focus.

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EQT Private Capital Asia agrees .1bn deal for PropertyGroup Guru; buys Korean recycler and seeks .5bn fundraise | FinanceAsia

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PropertyGuru Group, a leading property technology company in Southeast Asia ( SEA ), has been purchased by Hong Kong-based EQT Private Capital Asia for$ 1.1 billion in cash.

In support of the merger, TPG ( through TPG Asia VI SF and TPG Asia VI SPV, in its capacity as general partners of TPG Asia VI Digs ), and KKR ( through Epsilon Asia Holdings II ), have entered into voting and support agreements with the business and EQT Private Capital Asia.

PropertyGuru’s board of directors, acting upon the advice of a particular commission, unanimously approved the deal and recommends acceptance of the acquisition by PropertyGuru’s owners, according to an August 16 news.

The offer is equal to$ 6.70 per share and represents a 52 % premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75 % and 86 % premium to the company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024, the announcement said. &nbsp,

The deal is expected to close in Q4 2024 or Q1 2025, subject to final problems, including acceptance by PropertyGuru’s shareholders and certificate of regulatory approvals.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange ( NYSE), and PropertyGuru will become a private company. PropertyGuru’s office will be in Singapore.

 

Freshfields Bruckhaus Deringer acted as the unique committee’s legal counsel, and Moelis &amp, Company is its financial advisor. Ropes &amp, Gray is acting as legal counsel to EQT Private Capital Asia, and Morgan Stanley Asia ( Singapore ) is acting as financial advisor to the company. Latham &amp, Watkin is a legal advisor to KKR and TPG, and JP Morgan Securities Asia Private is their economic advisor.

 

PropoertyGuru Group intends to combine with members of BPEA Private Equity VIII, a purpose-driven international investment company, in order to allow EQT Private Capital Asia to acquire the business. &nbsp,

 

Progress potential&nbsp,

 

The company founded in 2007 and has a modern home platform across Singapore, Malaysia, Vietnam and Thailand. It was listed on the NYSE in March 2022 and raised$ 24 million through a Richard Li and Peter Thiel-backed special purpose acquisition ( SPAC ) deal with Bridgetown 2 Holdings. &nbsp,

Hari Krishnan, chief executive officer &amp, managing director, PropertyGuru Group, said in a statement,” We are pleased to embark on this new chapter with EQT. This agreement comes in the wake of centuries of transformative growth, which TPG and KKR have supported, making us the industry’s leading proptech platform.

Krishnan added:” As we continue to innovate and provide value to our consumers, customers, and stakeholders across the place, EQT’s international experience in building marketplaces and commitment to sustainable development will further improve our perception to power communities to live, function, and thrive in tomorrow’s cities”.

” PropertyGuru has firmly established itself as the leading property market system in Lake, and we are deeply impressed by the strong base it has built over the past 17 years as well as with its brilliant group,” said Janice Leow, partner in the EQT Private Capital Asia consulting team and head of EQT Private Capital SEA.

Leow continued,” We think our offer effectively positions PropertyGuru to fully exploit its long-term development possible while offering shareholders compelling value and certainty.” With EQT’s considerable knowledge in the technology, online classifieds and market sectors, we aim to further improve PropertyGuru’s system, driving increased innovation and deeper engagement with its consumers, customers and stakeholders”.

Buys Korean recycler, seeks$ 12.5bn raise

For an undisclosed sum, EQT Infrastructure VI purchased a KJ Environment from Genesis Private Equity. According to a media release, the goal is to establish” a sclaed and diversified end-to-end waste treatment scheme platform focused on plastic recycling and waste-to-energy in South Korea.” &nbsp,

KJ Environment works across recyclable waste sorting, plastic recycling and waste-to-energy. It has locations in the Greater Seoul Metropolitan Area, which provide services to catchment areas that account for more than 50 % of the nation’s GDP and population.

The purchase is EQT’s second infrastructure investment in South Korea.

” We look forward to utilizing EQT’s extensive experience investing in sustainable waste and recycling solutions across geographies, combined with our strong local footprint and industrial network, to help KJ Environment become a true market leader in the waste treatment space,” said Sang Jun Suh, a partner in the EQT infrastructure advisory team.

The Platform strengthens EQT’s global portfolio of businesses that conduct waste-related business and builds on its track record of supporting infrastructure businesses in the Asia Pacific region. Since 2020, EQT Infrastructure has invested €5 billion ($ 5.52 billion ) of equity, including co-investment, in Asia Pacific companies. Around 11, 000 people work in the Asia Pacific portfolio that is managed by EQT’s infrastructure team.

The transaction is subject approvals and&nbsp, is expected to close in Q4 2024. EQT was advised by JP Morgan on financials, Kim &amp, Chang for legal, and PwC for financial and tax.

With this transaction, EQT Infrastructure VI is expected to be 45-50 % based on target fund size and subject to customary regulatory approvals.

Meanwhile, EQT is looking to raise around$ 12.5 billion for EQT Private Capital Asia’s BPEA Private Equity Fund IX. &nbsp,

 

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EQT Private Capital Asia agrees .1bn deal for PropertyGroup Guru; seeks .5bn fundraise | FinanceAsia

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In: Asia, Finance, South-East Asia

PropertyGuru Group, a leading property technology company in Southeast Asia ( SEA ), has been purchased by Hong Kong-based EQT Private Capital Asia for$ 1.1 billion in cash.

In support of the merger, TPG ( through TPG Asia VI SF and TPG Asia VI SPV, in its capacity as general partners of TPG Asia VI Digs ), which owns around 26.5 %, and KKR ( through Epsilon Asia Holdings II ), which owns around 29.6 % of the firm, have entered into voting and support agreements with the business and EQT Private Capital Asia.

PropertyGuru’s board of directors, acting upon the advice of a particular commission, unanimously approved the deal and recommends acceptance of the acquisition by PropertyGuru’s owners, according to an August 16 news.

The offer is equal to$ 6.70 per share and represents a 52 % premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75 % and 86 % premium to the company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024, the announcement said. &nbsp,

The deal is expected to close in Q4 2024 or Q1 2025, subject to final problems, including acceptance by PropertyGuru’s shareholders and certificate of regulatory approvals.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange ( NYSE), and PropertyGuru will become a private company. PropertyGuru’s office will be in Singapore.

 

Freshfields Bruckhaus Deringer acted as the specific committee’s legal counsel, and Moelis &amp, Company is its financial advisor. Ropes &amp, Gray is acting as legal counsel to EQT Private Capital Asia, and Morgan Stanley Asia ( Singapore ) serves as financial advisor to the company. Latham &amp, Watkin is KKR and TPG’s legal advisor, and JP Morgan Securities Asia Private is their financial director.

 

PropoertyGuru Group has a consolidation program with members of BPEA Private Equity VIII, a purpose-driven international investment company, in order to have the business acquired by EQT Private Capital Asia. &nbsp,

 

Progress potential&nbsp,

 

The company founded in 2007 and has a modern home platform across Singapore, Malaysia, Vietnam and Thailand. In a special purpose acquisition ( SPAC ) agreement with Bridgetown 2 Holdings, which Richard Li and Peter Thiel supported, it was listed on the NYSE in March 2022. &nbsp,

Hari Krishnan, chief executive officer &amp, managing director, PropertyGuru Group, said in a statement,” We are pleased to embark on this new chapter with EQT. This agreement comes after decades of transformative growth, which TPG and KKR have supported, making us the industry’s top proptech platform.

Krishnan added:” As we continue to innovate and provide value to our consumers, customers, and stakeholders across the place, EQT’s international experience in building marketplaces and commitment to sustainable development will further improve our perception to power communities to live, function, and thrive in tomorrow’s cities”.

” PropertyGuru has firmly established itself as the leading property marketplace platform in Lake, and we are greatly impressed by the solid foundation it has built over the past 17 times as well as its brilliant staff,” said Janice Leow, companion in the EQT Private Capital Asia advisory group and nose of EQT Private Capital SEA.

Leow continued,” We think our offer strategically positions PropertyGuru to fully exploit its long-term growth potential while offering shareholders compelling value and certainty.” With EQT’s significant experience in the technology, online classifieds and marketplace sectors, we aim to further strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its consumers, customers and stakeholders”.

Buys Korean recycler, seeks$ 12.5bn raise

For an undisclosed sum, EQT Infrastructure VI purchased a KJ Environment from Genesis Private Equity. According to a media release, the goal is to establish” a sclaed and diversified end-to-end waste treatment scheme platform focused on plastic recycling and waste-to-energy in South Korea.” &nbsp,

KJ Environment works across recyclable waste sorting, plastic recycling and waste-to-energy. It has locations in the Greater Seoul Metropolitan Area, which provide services to catchment areas that account for more than 50 % of the nation’s GDP and population.

The purchase is EQT’s second infrastructure investment in South Korea.

Sang Jun Suh, a partner in the EQT infrastructure advisory team, stated:” We look forward to applying EQT’s extensive experience investing in sustainable waste and recycling solutions across geographies, combined with our strong local footprint and industrial network, to help KJ Environment become a true market leader in the waste treatment space.

The Platform strengthens EQT’s track record of supporting infrastructure companies in the Asia Pacific region by expanding its global portfolio of businesses that conduct waste-related business. Since 2020, EQT Infrastructure has invested €5 billion ($ 5.52 billion ) of equity, including co-investment, in Asia Pacific companies. Around 11, 000 people work in the Asia Pacific portfolio that is managed by EQT’s infrastructure team.

The transaction is subject approvals and&nbsp, is expected to close in Q4 2024. EQT was advised by JP Morgan on financials, Kim &amp, Chang for legal, and PwC for financial and tax.

With this transaction, EQT Infrastructure VI is expected to be 45-50 % based on target fund size and subject to customary regulatory approvals.

Meanwhile, EQT is looking to raise around$ 12.5 billion for EQT Private Capital Asia’s BPEA Private Equity Fund IX. &nbsp,

 

¬ Haymarket Media Limited. All rights reserved.

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PropertyGuru Group’s board agrees .1bn sale to EQT Private Capital Asia | FinanceAsia

By:
On:
In: Asia, Finance, South-East Asia

PropertyGuru Group, a leading property technology company in Southeast Asia ( SEA ), has been purchased by Hong Kong-based EQT Private Capital Asia for$ 1.1 billion in cash.

In support of the merger, TPG ( through TPG Asia VI SF and TPG Asia VI SPV, in its capacity as general partners of TPG Asia VI Digs ), and KKR ( through Epsilon Asia Holdings II ), have entered into voting and support agreements with the business and EQT Private Capital Asia.

PropertyGuru’s board of directors, acting upon the advice of a particular commission, unanimously approved the deal and recommends acceptance of the acquisition by PropertyGuru’s owners, according to an August 16 news.

The offer is equal to$ 6.70 per share and represents a 52 % premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75 % and 86 % premium to the company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024, the announcement said. &nbsp,

The deal is expected to close in Q4 2024 or Q1 2025, subject to final problems, including acceptance by PropertyGuru’s shareholders and certificate of regulatory approvals.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange ( NYSE), and PropertyGuru will become a private company. PropertyGuru’s office will be in Singapore.

 

Freshfields Bruckhaus Deringer acted as the unique committee’s legal counsel, and Moelis &amp, Company is its financial advisor. Ropes &amp, Gray serves as EQT Private Capital Asia’s legal advisor, and Morgan Stanley Asia ( Singapore ) serves as its financial advisor. Latham &amp, Watkin is KKR and TPG’s legal advisor, and JP Morgan Securities Asia Private is their economic director.

 

The PropoertyGuru Group intends to combine with members of BPEA Private Equity VIII, a purpose-driven international funding company, in order to be acquired by EQT Private Capital Asia. &nbsp,

 

Growth 

 

The company founded in 2007 and has a modern home platform across Singapore, Malaysia, Vietnam and Thailand. It signed a particular goal consolidation agreement with Bridgetown 2 Holdings, led by Richard Li and Peter Thiel, in March 2022 and was listed on the NYSE. &nbsp,

Hari Krishnan, chief executive officer &amp, managing director, PropertyGuru Group, said in a statement,” We are pleased to embark on this new chapter with EQT. This agreement comes in the wake of centuries of transformative growth, which TPG and KKR have supported, making us the industry’s leading proptech platform.

Krishnan added:” As we continue to innovate and provide value to our consumers, customers, and stakeholders across the place, EQT’s international experience in building marketplaces and commitment to sustainable development will further improve our perception to power communities to live, function, and thrive in tomorrow’s cities”.

” PropertyGuru has firmly established itself as the leading property market system in Lake, and we are deeply impressed by the strong base it has built over the past 17 years as well as with its brilliant group,” said Janice Leow, partner in the EQT Private Capital Asia consulting team and head of EQT Private Capital SEA.

Leow continued,” We think our offer carefully positions PropertyGuru to fully exploit its long-term development possible while offering shareholders compelling value and certainty.” With EQT’s considerable knowledge in the technology, online classifieds and market sectors, we aim to further improve PropertyGuru’s platform, driving increased innovation and deeper engagement with its consumers, customers and stakeholders”.

¬ Haymarket Media Limited. All rights reserved.

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