A new energy storage company, Global Energy Storage (GES), has been set up to focus on products for the energy transition, such as low carbon commodities and fuels.
GES has been launched by private equity company and energy transition specialist Bluewater, which will invest US$250 million (€205 million). GES will be led by Peter Vucins, as CEO, and Eric Arnold, as executive chairman. Vucins and Arnold are the management team behind independent hydrocarbon storage and logistics company Global Petro Storage (GPS), and intend to build on the operating model they developed there, where they have been responsible for global operations and expansion, including new infrastructure at the Port of Amsterdam in the Netherlands, Port Klang in Malaysia and the Innova Terminal in the UAE.
‘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,’ says Vucins.
As well as commodities and fuels for the energy transition, the management intends to consider renewable energy sources in the future. GES has a ‘strong pipeline’ of deals pending, and says a major acquisition will be announced soon. Vucins says the company has an ‘exciting’ pipeline of projects, including southeast Asia and Latin America. The focus will be on key global hubs and growth locations, international cross-linking business, and long-term relationships with top-tier energy suppliers.
The rest of the senior management team will also join from GPS. Alan Hyslop will be the chief information officer, (CIO), Sim Seow Wah will be chief financial officer (CFO) and Mark Synnott will be the chief technology officer (CTO). The management team will work across both GES and GPS.
‘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 focussing 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,’ says Arnold.