GES, a low-carbon energy storage company, has combined its business with independent storage and logistics company GPS, taking the name Global Energy Storage Group. The combination creates a major player in the energy storage sector.
The merger further strengthens GES’s market position and the new business will explore substantial growth opportunities in all international markets.
The new structure is being created to focus more on the development of the next generation of energy storage assets. This will help facilitate the growing use of low-carbon energies, with an emphasis on cryogenic storage of products such as LPG, LNG and ammonia, which is a promising hydrogen carrier. In addition, logistical and biofuel solutions are being sought for CO2 transshipment.
The new GES group will have four storage assets, with additional business and project developments worldwide. The four storage assets are located at the Port of Rotterdam, Port of Amsterdam, Port Hamriyah and Port Klang in Malaysia.
The corporate management team will consist of: Eric Arnold as Chairman of GES, Peter Vucins as Group Managing Director, Alan Hyslop as Chief Financial Officer and Mark Synnott as Chief Technical Officer. Together, the group will have more than 140 employees.
“As the GES Group, we will continue to develop a network of storage terminals with special emphasis on facilitating the energy transition. With a focus on cryogenic storage solutions, where our team has a proven track record and very strong experience, we see substantial growth opportunities for LPG in the Asian markets, but also elsewhere. We believe that LPG can be an important transition fuel as we develop new infrastructure to accommodate future fuels such as ammonia. National energy security, as well as the energy transition, are of paramount importance. Our four assets and advanced project portfolio address both challenges,” said Peter Vucins, CEO of the Global Energy Storage Group.
“We are very excited about this combination of GES and GPS Group which brings together large international energy assets. By combining the two companies we not only keep the team together, but create a platform that positions us very well for further growth together with the our trusted partners,” added Eric Arnold, President of GES.
Major shareholders Bluewater and White Deer Energy support the merger.
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