Global Energy Storage (GES) has now launched, with the intention to invest US$250 million with backing from Bluewater, the private equity firm specialising in the energy transition.
GES has been set up by the management team from Global Petro Storage (GPS). In a statement, GES confirmed that the management team will continue to work across both GPS and GES.
GES will focus on key global hubs and growth locations, international cross-linking business, and long-term relationships with top-tier energy suppliers. Its focus will be on low carbon and energy transition fuels and related infrastructure and logistics services.
Peter Vucins is CEO and Eric Arnold is Executive Chairman. At GPS, they were responsible for significant global operations and expansion, with infrastructure at the Port of Amsterdam, Port Klang in Malaysia and the Innova Terminal in the UAE.
Alan Hyslop (CIO), Sim Seow Wah (CFO) and Mark Synnott (CTO) also join from GPS. Management will be based in Singapore, the Netherlands, UAE and London.
Peter Vucins said: “We have a proven ability to execute both greenfield and brownfield projects. We see growth areas in the storage and logistics for LNG, LPG, hydrogen, ammonia and renewable fuels. We’re developing an exciting pipeline of projects in Southeast Asia, Latin America, and elsewhere across the globe. We anticipate announcing our first deal very soon. It’s an exciting time for GES and we look forward to making further announcements soon about the expansion of the business.”
Eric Arnold said: “GES has a unique proposition. Our team has proven experience that is second-to-none. We have PE backing, so we can make swift decisions and take a longer view, rather than focusing on just the next quarter. And we have a strong focus on energy transition fuels. You put these together, and I believe Global Energy Storage is extremely well-placed to make a significant contribution to the Energy Transition.”
Martin Somerville, Managing Director at Bluewater, added: “Peter and Eric are genuine leaders in the sector, and that’s why we’re supporting this new vehicle to build on the continuing success of GPS. GES will allow them to target new markets and opportunities that help deliver new storage solutions for the energy transition.”
Read the article online at: https://www.hydrocarbonengineering.com/tanks-terminals/11052021/global-energy-storage-launched/