A newly-launched global energy storage company, backed by private equity firm Bluewater, is planning to invest $250m.
Global Energy Storage (GES), created by the management team from Global Petro Storage (GPS), will focus will be on low carbon and energy transition fuels and related infrastructure and logistics services.
The strategy of Bluewater and GES is to develop energy storage assets in key geographies that will facilitate the clients’ infrastructure and logistics needs for the energy transition, such as biofuels, gasses and petrochemicals, hydrogen and hydrogen carriers, and solutions to transship CO2 to carbon sinks.
Peter Vucins and Eric Arnold formerly of GPS will lead GES as CEO and executive chairman respectively. Also joining from GPS are Alan Hyslop as CIO, Sim Seow Wah as CFO and Mark Synnott as CTO.
“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, Vucins said.
Vucins said GES expects to announce its first deal very soon.
“Our team has proven experience that is second-to-none. We have private equity backing, so we can make swift decisions and take a longer view, rather than focusing on just the next quarter,” Arnold said.
Martin Somerville, managing director at Bluewater, said: “Vucins and Arnold 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.”
To read the digital edition of the latest IPE Real Assets magazine click here.