Aster signs Memorandum of Understanding with Xora-backed Aether Fuels to Advance Breakthrough Sustainable Fuel Technology

Singapore, 14 August 2025 — Aster today announces the signing of a Memorandum of Understanding (MOU) to invest in and partner with Aether Fuels Pte. Ltd. (Aether), a Singapore- and U.S.-based startup pioneering breakthrough production technology for costcompetitive sustainable liquid fuels. This partnership aligns with Aster’s strategic launch of Aster Ventures, which is dedicated to providing synergistic investment capital to support Aster’s core energy, chemicals and infrastructure business across Singapore and the broader Southeast Asia region.

Group CEO of Aster, Erwin Ciputra, said “We are delighted to launch Aster Ventures and support Aether as our inaugural investment. We find Aether to be an exciting high velocity startup that has the potential capability of converting waste carbon feedstock into liquid fuels within our Bukom and Jurong asset ecosystem. This is part of Aster’s ongoing commitment to seek to reduce the carbon intensity of our operations within our overall sustainability agenda.” Chief Investment Officer and Managing Partner at Xora, Phil Inagaki said, “We look forward to welcoming Aster Ventures to Aether’s investment syndicate as we work together to accelerate the future of global clean fuels. We’re encouraged by Aster’s commitment to support breakthrough innovations like Aether’s Aurora™ technology, and its leadership in advancing the decarbonisation of Singapore’s industrial ecosystem. This partnership underscores Singapore’s unique ability to catalyse deep tech solutions for global impact.” CEO of Aether Fuels, Conor Madigan, said “Aether is proud to partner with Aster and leverage their extensive regional expertise and infrastructure.

This collaboration will accelerate our efforts to bring sustainable fuels to market globally and lay a solid foundation for future projects in the region. We appreciate their confidence in our technology, team, and business strategy” Under this MOU, Aster and Aether aim to partner to leverage Aster Group’s owned assets within its pioneering refinery on Bukom Island in Singapore to accelerate the scale up of Aether’s business and technology development. This initial cooperation is intended to provide a platform for further collaborations going forward.

Source: Aster