From Gothenburg to Jakarta – How Cetasol established its AI platform in Southeast Asia
With roots in Volvo Penta and a vision of sustainable marine operation, Swedish Cetasol has entered Southeast Asia. Through the BAPSEA programme and strategic partnerships in Singapore and Indonesia, the company has managed to establish itself – spearheaded by the AI platform iHelm.
When Swedish start-up Cetasol set its sights on Southeast Asia, it wasn’t just about expanding into new markets, it was about testing the waters of global scalability.
With its AI-powered platform iHelm, designed to optimise fuel consumption and promote sustainable marine operations, the company found fertile ground in Singapore and Indonesia through the Swedish Energy Agency’s Business Accelerator Programme Southeast Asia (BAPSEA).
From Gothenburg to the global stage
Cetasol, a spin-off from Volvo Penta, had long considered Southeast Asia a promising region. But it was the BAPSEA programme that catalysed their move.
– We always had the idea, but BAPSEA gave us the structure, motivation, and support to act on it, says CEO Ethan Faghani.
The company’s entry strategy was pragmatic: identify markets with high fuel costs and vessel density, then assess ease of doing business. Singapore, with its world-class ports and business-friendly environment, emerged as a natural hub. Indonesia followed, offering scale and opportunity.
Face-to-Face in a relationship-driven market
Leveraging Volvo Penta’s network, Cetasol arranged back-to-back meetings with potential clients and partners.
– We had four to five meetings a day, but even with that intensity, one week wasn’t enough. You need to be on the ground longer to truly understand the market, says Ethan Faghani.
The cultural contrast was striking, in Europe, decisions are often made before the meeting. In Singapore, people are curious, and they want to hear your story. Yet, the decision-making process proved opaquer and more layered than expected, especially in Indonesia.
Early wins and strategic lessons
Despite the challenges, Cetasol secured four to five flagship customers during the programme. Their strategy was to focus on high-profile clients who could act as market advocates.
They also established a sales agent in Singapore and are now evaluating whether to expand that model across the region or centralise operations. They learned that active follow-up and generous commission structures are key to agent success.
Advice to fellow start-ups: think beyond Europe
Ethan Faghani’s advice to other BAPSEA participants is clear:
– Don’t assume your home market is your best market. Southeast Asia is more open to digitalisation than many expect, and the market size is often significantly larger.
He also cautions against spreading too thin. It’s tempting for a company to say they are present in ten markets, but it’s better to be deeply rooted in two. Real business takes time.
Looking ahead
Cetasol now has a registered company and investment backing in Singapore, which serves as its Asia-Pacific headquarters. The next step is to deepen their presence, possibly with a full-time sales agent and further collaboration with local partners.