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December 18, 2023

PAG-backed AirPower Technologies Wins ESG Excellence Award

Dec 18, 2023 -- AirPower Technologies Limited, the leading independent industrial gases supplier in China and a PAG portfolio company, has won the 2023 ESG Award of Excellence from the Hong Kong Venture Capital and Private Equity Association (HKVCA). 

“This award is a recognition of our innovative decarbonization strategy and our leadership role in the industry's low-carbon transition,” said David Wong, Chairman of AirPower, and Partner and Co-Head of PAG Private Equity.

Over the past three years, AirPower has developed an innovative and comprehensive decarbonization roadmap towards increasing energy efficiency and reducing reliance on fossil fuels. It has also significantly stepped up its usage of renewable energy.

PAG believes that AirPower is playing an important role in China's clean energy transition, and will continue to support its adoption of more sustainable energy solutions as a leader in the industrial gases industry in China and in other markets.

The HKVCA received a total of 25 entries for its 2023 ESG Excellence Awards from a broad range of private equity and venture capital firms from across Asia, according to its announcement. Four projects were ultimately selected as winners. For more on the HKVCA 2023 ESG Award of Excellence, please visit:

About AirPower Technologies

AirPower Technologies is the leading independent industrial gases supplier in China, established through the merger of Yingde Gases and Baosteel Gases in July 2021. Through its extensive network over 160 air separation facilities covering 30 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 affiliated with NovaAir, a fast-growing India-based industrial gases company, and has become an increasingly prominent supplier of industrial gases into Southeast Asia countries, including Malaysia, Singapore and Thailand. 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 private equity investment firm focused on Asia-Pacific with three core strategies: Credit & Markets, Private Equity, and Real Assets. It manages capital on behalf of nearly 300 global institutional investors. PAG has more than 300 investment professionals in 15 key offices globally, and approximately USD55 billion in assets under management. For more information, please see

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