Global Energy Storage (GES), which launched in May 2021 to focus on products for the energy transition, has made its first major investment, buying an interest in part of the assets of Gunvor Group’s Stargate Terminal in the Port of Rotterdam in the Netherlands.
The deal has been approved by the Port of Rotterdam Authority. The site includes a ‘significant’ waterfont with deepwater access, brownfield development opportunities and potential greenfield development sites. GES plans to develop more than 20 hectares in the port. Its proposals include a new multi-purpose seagoing jetty, an infrastructure for the consolidation of biofuel storage, storage for renewable fuels, gas storage, gas to chemicals production, green and blue hydrogen, and hydrogen carriers such as ammonia.
GES CEO Peter Vucins says that the Port of Rotterdam, which is Europe’s largest port with connectivity to inland waterways and pipelines as well as deepwater access, is ‘ideally placed’ for the development. Executive chairman Eric Arnold adds that the deal is the first of what the company hopes will be many deals for low-carbon storage and logistics infrastructure, with rapid expansion planned.
Gunvor will be a long-term partner of GES to support the development of environmentally responsible projects. Shahb Richyal, global head of portfolio at Gunvor, says that the deal is in line with Gunvor’s strategy to support the energy transition at key asset locations.
‘This project aims to become one of the largest low-carbon developments at a world class industrial hub, with the potential to significantly reduce the carbon footprint of future business in the Port of Rotterdam. Alongside a new jetty that we aim to develop and low-carbon commodity infrastructure, we are also looking to become part of the logistics chain needed to import blue and green hydrogen. I hope this gives a glimpse of the size of our ambitions,’ says Vucins.
GES appointed Graham Sharp as a non-executive director to support GES’ ‘new energies’ strategy in September 2021, and formed a strategic partnership to develop LNG solutions with Stena Power and LNG Solutions in October 2021.