- Global Energy Storage (GES) is a new company backed with funding from private equity firm Bluewater and intends to invest $250 million.
- GES is led by Peter Vucins and Eric Arnold, the team behind the growth of leading hydrocarbon storage company, Global Petro Storage, GPS.
- GES will focus on low carbon commodities, energy transition fuels, as well as potentially renewable energy sources in the future.
- The new company has a strong global pipeline of pending deals, with a major announcement expected soon.
- Peter Vucins, CEO, says, “There is an urgent need for storage assets for the next generation of low carbon fuels. GES has the expertise and financial backing to develop this crucial infrastructure at key locations around the world. I am delighted that GES will be playing its part as we all work together to meet the ambitious, and essential, Paris carbon reduction targets.”
Global Energy Storage (GES) has launched today, with intention to invest $250m 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), the leading independent hydrocarbon storage and logistics company. The team will build on the successful model they developed at that 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.
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, and complete an exceptionally experienced senior team. Management will be based in Singapore, The Netherlands, UAE and London.
Peter Vucins said today, “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, Executive Chairman of GES, comments: “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, adds: “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.”