Global Energy Storage (GES) has announced its first deal, buying a stake in an industrial site at the Port of Rotterdam to develop storage solutions for low carbon products.
GES is buying the interest in part of the assets of the Stargate Terminal from Gunvor.
GES, which is backed by private equity firm Bluewater, announced at its launch in May this year that it would invest $250m in the storage of low carbon and energy transition fuels.
The energy storage firm said “a significant part” of this sum will be used to build a new multi-purpose seagoing jetty in the Port of Rotterdam, as well as to develop infrastructure for renewable energy and gas to chemicals production.
GES CEO Peter Vucins said: “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.”
The Port of Rotterdam is Europe’s largest port, with deep-water access and connectivity to inland waterways and pipeline infrastructure. The Port Authority is currently working with national gas company Gasunie to develop a backbone for hydrogen across the port.
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