Airlife Gases Private Limited

1What It Does AirLife Gases Private Limited ("AirLife") is a Pune, Maharashtra-headquartered multinational supplier of helium and specialty gases, serving high-growth sectors including healthcare, semiconductors, fiber optics, aerospace & defense, pharma, R&D, and advanced manufacturing. The company has evolved from a helium distributor into a fully vertically integrated global helium platform, spanning exploration, extraction, processing, liquefaction, storage, and global distribution/end-mile supply.

2Business Model & Revenue Streams Direct molecule supply: Secured direct supply arrangements with helium producers (bypassing intermediaries/traders), with deals for 70-80 MCF/year from sources in the US, Canada, and Qatar, under long-term agreements (up to 10 years). Distribution & sale of liquid and gaseous helium — owns a fleet of 20 ft T75 containers, 40 ft LHe ISO containers, cylinders, quad packs, tube trailers, and super-insulated dewars for MRI/NMR applications. Customized/tailor-made gas mixtures for specific customer needs, serving both retail and bulk clients (unlike competitors who focus mainly on bulk). Planned tolling-based liquefaction services: Once its US liquefaction plant is operational, AirLife plans to offer helium liquefier tolling and storage services to independent E&P producers and foreign distributors/trading firms — expected to generate ~$5 million in annual EBITDA Future ESG (Electronic & Specialty Gases) foray: Planned expansion into Nitrous Oxide, Ammonia, Silane, and Nitrogen Trifluoride — used in semiconductors, displays, and solar panel manufacturing. Carbon credits: The proposed US liquefaction asset is expected to generate ~$5 million/year in recurring carbon-credit revenue once operational

3Corporate Background Incorporated: April 2019, headquartered in Pune, Maharashtra. Founder & Chairman/CEO: Kiran Karnawat — Mechanical Engineering graduate (University of Pune), 15+ years in the Indian gas market. He built K-Air Specialty Gases into one of India's top 5 gas companies, then formed Matheson K-Air Gases India Pvt Ltd (a 2010 JV with US-based Matheson Inc.) as Managing Director, before exiting by selling his stake in 2017 Leadership team: Amit Lodha (CCO, overseeing US Operations & Sales), Bobby Agrawal (Head – Sales, Operations, SCM), Sachin Yeola (Director – Finance) Facilities: AirLife's global roadmap spans an existing facility in Maharashtra, India (2022), a US site in Pennsylvania (2025), and a new Canadian acquisition in Saskatchewan (Royal Helium, 2025), with projected facilities in California (2025), Germany (2026), and the Middle East, North Asia, and Australia (all 2027). Domestically, it also has or plans a presence across Pune, Delhi, Hyderabad, Chennai, Ahmedabad, and Bangalor

4Funding Round 1: ₹143 Cr raised, which funded the acquisition of a helium exploration & production company in Saskatchewan (Royal Helium), a US transfill facility, an Indian liquefier setup, 5-6 industrial gas refilling plants in India, and a second US transfill facility. New expansion round planned: ₹65-70 Cr (equity + debt combination) — earmarked for a US helium liquefaction plant/acquisition, completing vertical integration, and setting up an ESG storage facility in India Separately, a ₹100 Cr capex plan is outlined (90% for acquisition, 10% acquisition expenses) toward liquefaction, capture, and storage assets

5Major Acquisitions (Key Recent Developments) November 29, 2025 — Acquired control of Royal Helium Ltd.: Through a wholly-owned subsidiary, AirLife completed acquisition of ~52.9% of Royal Helium's fully-diluted shares (79.9 million Class A common shares + 4 million warrants), giving it direct upstream access to Royal Helium's exploration permits and leases across Southern Saskatchewan and southeastern Alberta, Canada — marking its transition from distributor to integrated producer. July 8, 2026 — Signed definitive agreement to acquire a controlling stake in GNG, a U.S.-based helium gathering, processing and liquefaction infrastructure company centered on the Lisbon Valley Gas Processing Complex in Utah (520+ miles of gathering pipelines, a 45 MMcf/d cryogenic gas processing plant, and a 60 MMcf/d gas processing system). This is described as a major step toward a fully integrated upstream-to-downstream helium platform, positioning AirLife as a potential third independent helium liquefaction platform in North America (only two currently exist).

6IPO / Listing Plans AirLife has an IPO planned over the next 24-36 months, and states it is currently focused on onboarding anchor investors to drive pre-IPO growth ahead of a market listing The company describes itself as being "built with institutional governance and IPO-track operating discipline "

7Industry Context (Helium Market) Global helium market: $4.45 Bn (2023) → projected $13.3 Bn by 2031, at a ~14.7% CAGR Helium is a critical raw material (added to the EU/US critical materials lists in 2023), extracted mainly as a natural-gas byproduct; supply is currently constrained, driving price increases Market leaders globally: Air Liquide, Linde, Air Products, Iwatani, Matheson Tri-Gas — together holding 75%+ market concentration Demand drivers: MRI (22%), semiconductors (19%), welding, aerospace, fiber optics, and emerging use cases like quantum computing (cryogenic cooling for superconducting qubits) and AI/HPC data centers (cooling and leak detection) Supply outlook: Over 2,000 Mmcf/year of new helium supply is projected to be added by 2030, with key exploration regions in North America, South Africa, and Tanzania; emerging suppliers include Blue Spruce, Renergen, Royal Helium, Peak Helium, and New Era Helium.