Global Energy Storage buys Gunvor’s assets in Rotterdam to develop low carbon products terminal

Guernsey-incorporated developer of energy storage assets, Global Energy Storage (GES) has made its first major investment at Europoort in the Port of Rotterdam with the acquisition of a substantial part of the Stargate terminal from Swiss-based commodity trading giant Gunvor. Financial details were not disclosed.

GES has stated that it will develop more than 20 hectares of land at the port for its operations. The plan is to take an existing oil terminal and develop it into a new low carbon products terminal. The development includes a new multi-purpose seagoing jetty and infrastructure for consolidation of biofuel storage, storage for renewable fuels, gas storage, gas to chemicals production, green and blue hydrogen and hydrogen carriers such as ammonia.

Peter Vucins, GES chief executive, 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.”

Gunvor will be a long-term partner of GES at the port. Shahb Richyal, global head of portfolio at Gunvor, said the deal is in line with Gunvor’s strategy to support the advancement of energy transition initiatives at the company’s key asset locations.

Backed by the London-based private equity investment firm Bluewater, GES was launched in May this year by the management team from Global Petro Storage (GPS), operator and developer of energy and chemical assets. The company said it will concentrate its strategy on key global hubs, international cross-linked business, and long-term relationships with top-tier energy suppliers.

Eric Arnold, executive chairman of GES, added: “This is the first of what we hope will be many deals. We are looking to develop an international network of storage and logistics infrastructure for low-carbon commodities. You can expect to see a rapid expansion across 2021-22.”