Keppel Ltd.’s Infrastructure Division (Keppel) has entered into a strategic collaboration agreement with Midea Building Technologies (MBT) Division, a part of the Midea Group, to jointly pursue opportunities in AI-enabled, energy-efficient modular cooling solutions across Asia. The signing was witnessed by Ms Cindy Lim, CEO of Keppel’s Infrastructure Division and Mr Peter Guan, Vice President of Midea Group and President of MBT.

The non-exclusive collaboration will combine Keppel’s strengths in Cooling-as-a-Service (CaaS) and digital optimisation with MBT’s capabilities in heating, ventilation, and air conditioning manufacturing and intelligent building systems, to enable co-development of standardised, modular cooling systems. Implementation of the modular cooling system in specific projects will be carried out through project agreements separately negotiated by Keppel and MBT on a case-by-case basis.  

It is envisaged that the jointly developed modular cooling systems will offer a flexible, capex-light solution that can be deployed and scaled across multiple sectors, which will enhance the energy efficiencies of cooling processes while reducing the complexity of on-site installation.

By adopting a modular, pre-engineered approach, Keppel can pre-fabricate cooling modules and assemble them onsite. The modular cooling systems will be connected to Keppel’s state-of-the-art Operations Nerve Centre (ONC). The ONC, in turn, runs on Keppel’s proprietary digital platform, Infrastructure Intelligence (II), which leverages AI and machine learning for real-time monitoring and performance advanced analytics, allowing the cooling modules to be managed remotely around the clock.

When combined with MBT’s smart equipment, IoT sensors and intelligent building management systems, it is expected that the AI-enabled cooling solution will be able to offer enhanced operational reliability, improved energy efficiency and reduced lifecycle carbon emissions generated from cooling processes.

As part of the collaboration, both companies will establish an AI-first Centre of Excellence, a collaborative platform, to facilitate engineering, standardisation, optimisation and replication across potential projects. Target sectors include data centres, advanced manufacturing and industrial parks, healthcare and education campuses, aviation hubs, integrated developments and retrofit projects.

Mr Poh Tiong Keng, Executive Director, Energy-as-a-Service, Keppel, said, “This collaboration further strengthens our ability to develop and deploy next-generation cooling solutions across Asia. By combining Keppel’s Operations Nerve Centre and deep operating capabilities with Midea’s engineering and manufacturing strengths, we are helping to accelerate the adoption of intelligent, AI-enabled infrastructure at scale across multiple sectors. We look forward to building on Keppel’s ongoing collaboration with Midea, which includes Keppel’s HDB Tengah Centralised Cooling Systems project in Singapore.”

Mr Peter Guan, Vice President of Midea Group and President of MBT, said, “This partnership is about industrialising AI for sustainable cooling. By combining MBT’s intelligent manufacturing and equipment-level capabilities with Keppel’s operational platforms, we are creating standardised, intelligent building blocks that can decarbonise Asia’s cooling infrastructure at scale. The HDB Tengah project is just the first proof point.”

The abovementioned agreement is not expected to have any material impact on the earnings per share and net tangible asset per share of Keppel Ltd. for the current financial year.

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About Keppel

Keppel Ltd. (SGX:BN4) is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity. Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts.

About Midea

Midea Group Co., Ltd. (000333.SZ, 00300.HK) is an international tech-leading company ranked #246 at 2025’s Fortune Global 500. Midea Group’s business comprises smart home, industrial technology, building technology, robotics and automation, new energy, healthcare, and smart logistics. Midea’s globally 65 production centers and over 190,000 employees in more than 200 countries and regions generated an annual revenue of more than USD 64.3 billion in 2025. Midea’s 41 worldwide innovation centers and the strong commitment to R&D have resulted in more than 90,000 authorized patents to-date.