The company will also ride on its new "Rise" strategy to take its business and customer experience to new heights

SINGAPORE  - 10 December 2024 - To better cater to the trends of infrastructure modernization, buildings rising higher, and property owners' demand for greater customization and sustainability in Southeast Asia, KONE, a global leader in the elevator and escalator industry, has announced the launch of the KONE High-Rise MiniSpace DX elevator.

Capable of cutting energy usage by up to 30% on a typical day, this high speed, large capacity elevator can reach beyond 60 floors, and operate easily and cost effectively.

1. Infrastructure modernization - for greater cost efficiency and sustainability, more and more building owners in Southeast Asia are opting to refurbish their properties and internal infrastructure like elevators and escalators, instead of tearing them down and building new ones.

From this perspective, the KONE High-Rise MiniSpace DX elevator's ultra-compact machine room space requirements, better price-performance ratio, and lightweight hoisting technology that reduces the amount of elevator shaft reinforcement needed, are attractive.

Combining the latest sensor technology, this elevator can also pack a big punch into existing shafts by moving faster and potentially be a bigger car with even wider-opening doors. This shortens waiting times and increases handling capacity as compared to the building's current elevators.

Further, modernizing aging elevators can reduce their energy consumption by up to 70%.

2. Buildings rising higher - The High-Rise MiniSpace DX elevator comes with KONE UltraRope, which is 80% lighter than traditional steel ropes, three times more durable, and can cut the energy consumption of a 500-meter elevator ride by up to 15%. The elevator's other low carbon features include hoisting motors, lighting and standby solutions that are highly energy-efficient, and sustainable construction materials.

3. Building owners' demand for greater customization - The KONE High-Rise MiniSpace DX can be easily customized with the necessary digital connectivity, as well as d?cor, lighting, and signalization options. The wide array of choices appeal to increasingly sophisticated building owners.

"KONE's constant innovation on the different fronts of elevator provision clearly distinguishes us on the market," said Edward Loy, KONE Managing Director of Southeast Asia. "Our customers count on us to accelerate their business, and make buildings and cities more modern, efficient and enjoyable to live in."

The KONE High-Rise MiniSpace DX elevator launch is a timely prelude to the company's Rise strategy, which it will implement in Southeast Asia from 2025 to 2030. Through this strategy, KONE will move to lead in customer and employee experience, sustainability and innovations, as well as growth and profitability in its operating markets here, namely Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.

To reach this goal, KONE has defined four strategic shifts from its current strategy:

1. Accelerate digital and increase adoption of intelligent technologies, to fundamentally transform how KONE's solutions operate and solve Southeast Asian customers' business challenges. For example, the region faces manpower constrains in maintaining buildings and infrastructure like elevators and escalators. Adoption of connected digital solutions to manage infrastructure can, for example, automate cleaning and maintenance of elevators, reducing the need for human-centric manual work. Predictive maintenance technology cuts cost and downtime.

24/7 AI-driven, digital connectivity will also give building owners and users slick, consumer-grade services compatible with today's lifestyles. An application programming interface (API) based system enables building owners to add connected services and features over time.

2. Help building owners and cities maximize the returns on their past investment by modernizing their current infrastructure, instead of demolishing and rebuilding. In Southeast Asia, there are many buildings more than 15 years old which are still in good condition. Governments and building owners can reduce cost and environmental impact through refurbishment, which can also improve safety and comfort.

3. Penetrate the residential building market, to add on to KONE's lead in the commercial sector. The number of homes in Southeast Asia is expected to proliferate as more people move to the city. The United Nations predicted that by 2050, 68% of the world's population will live in urban areas, up from 55% today. This effectively adds 2.5 billion people to urban areas by 2050. Close to 90% of this growth is taking place in Asia and Africa.

4. Cut carbon, though initiatives like utilizing energy efficient technologies and more sustainable materials, to provide tailwind to Southeast Asian countries' energy transition efforts. Many governments across the region, including those from Indonesia, Singapore and Thailand, have already embarked on programs to make their countries more sustainable.

"Urbanization is one of the greatest opportunities availing itself to Southeast Asian nations today," continued Edward Loy. "KONE has been a resolute partner of the region for over 45 years, making cities here more prosperous, livable and sustainable with our technology and innovation. The new Rise strategy will pave the way for advancing that ambition."

The issuer is solely responsible for the content of this announcement.