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PAG-backed AirPower Technologies to make strategic investment into Singapore headquartered Smart Gas

Singapore, April 19, 2022 – AirPower Technologies Limited (“AirPower Technologies”), China’s leading independent supplier of industrial gases, announced today that it has entered into definitive agreements to make a strategic investment into Smart Gas Pte. Ltd. (“Smart Gas” or the “Company”), a Singapore-based cross-border industrial gases distributor. This strategic investment marks AirPower Technologies’ first foray into Southeast Asia as part of its strategy to expand further in the region.


Founded in 2004, Smart Gas is the leading cross-border industrial gases distributor in the APAC region with a fleet of approximately 300 ISO tanks. The Company procures and distributes liquefied gas products and provides an end-to-end delivery solution to major industrial gases suppliers, gas distributors/re-fillers and end-users. Based on its deep understanding of market dynamics and network of supplier/customer relationships, Smart Gas provides a value-added service that is largely unmet by the distribution offering and capability of the major industrial gas suppliers operating in the region.


AirPower Technologies is controlled by PAG, one of Asia’s leading private equity firms. AirPower Technologies is the premier industrial gases supplier in Asia, with operations spanning China, India and Southeast Asia. AirPower Technologies was created through the merger of Yingde Gases and Baosteel Gases, two PAG-controlled companies, in July 2021, and is the largest independent industrial gases supplier in China by revenue. Since its establishment, AirPower Technologies has focused on providing customers in the manufacturing, electronics and healthcare industries with customized and differentiated engineering and operational solutions to their industrial gases needs, and has become an increasingly prominent supplier of industrial gases into Southeast Asia.


Under the agreements, the current shareholders and executives will remain with the Company in their current roles, with additional roles to be appointed and functions to be augmented by AirPower Technologies. Commercial terms of the deal were not disclosed. Tardis Capital gave advice to the shareholders of Smart Gas.


Mr. Wong Tak-Wai, Chairman of AirPower Technologies and Co-head of PAG Private Equity, said: “We are very pleased to welcome Smart Gas to the AirPower Technologies platform, and we look forward to more opportunities to better serve our customers in Southeast Asia.”


Steven Fang, CEO of AirPower Technologies, said: “We are looking forward to working closely with the Smart Gas team to expand our business operations further in Southeast Asia.”


Kenneth Pang, CEO and Managing Director of Smart Gas, said: “We are proud to welcome AirPower Technologies and by extension, PAG, as new shareholders of our company.”


About Smart Gas

Founded in 2004 and headquartered in Singapore, Smart Gas is the leading cross-border industrial gases distributor in the Asia-Pacific region with a fleet of approximately 300 ISO tanks. The Company principally procures and distributes liquefied argon and carbon dioxide (other traded products include nitrogen, oxygen, nitrous oxide and other specialty and rare gases), and sells ISO tanks, cylinders and other equipment to customers. Its customers include major industrial gases suppliers, gases distributors/re-fillers and end-users across key markets in Southeast Asia as well as Greater China, Korea and Australia. For more information, please visit


About AirPower Technologies

AirPower Technologies is the largest independent industrial gases supplier in China formed through the merger of Yingde Gases and Baosteel Gases in July 2021. Through its extensive network of 135 air separation facilities covering 24 provincial regions in China, especially around key economic corridors along the coastal areas, AirPower Technologies supplies a wide range of gases products and solutions to blue-chip industrial customers, as well as customers in healthcare and electronics industries. AirPower Technologies is also the owner of NovaAir, a fast-growing India-based industrial gases company. AirPower Technologies is majority-owned by PAG, a leading Asia-focused alternative investment manager. For more information, please visit


About PAG

PAG is a leading Asia-focused alternative investment manager, with strategies including private equity, credit & markets, and real assets. PAG employs more than 200 investment professionals in 12 key offices, and currently manages over US$45 billion in capital on behalf of institutional investors from Asia, Australia, Europe, the Middle East and North America. For more information, please visit