Global Energy Storage (GES) has launched, with the intention to invest $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), an independent hydrocarbon storage and logistics company. The team will build on the successful model they developed at the company. 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.
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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. During their time the company had an unblemished HSE record.
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.”
Eric Arnold, executive chairman of GES, adds: “GES has a unique proposition. 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.”