February 10, 2023 [Energy Monitor] – The new venture, which will take the name Global Energy Storage Group (GES), will focus on cryogenic storage for products such as LPG, LNG and ammonia.
GES, a low-carbon energy storage company, has merged with independent storage and logistics company GPS to create a major new player in the energy storage sector. Taking the name Global Energy Storage Group (GES), the new venture will look to develop the next generation of energy storage assets to help grow the use of low-carbon energies.
The group will focus on cryogenic storage – which uses low-temperature liquids to store energy – for products such as liquefied petroleum gas (LPG), liquefied natural gas (LNG) and ammonia – a promising hydrogen carrier. The company will also develop biofuels and logistics solutions for the shipment of carbon dioxide.
The new GES group has around 140 employees and owns storage assets at the ports of Amsterdam and Rotterdam in the Netherlands, as well as Hamriyah in the UAE and Klang in Malaysia. The corporate management team will comprise Eric Arnold as chairman, Peter Vucins as group CEO, Alan Hyslop as CFO and Mark Synnott as chief technical officer.
“As GES Group, we will continue to develop a network of storage terminals with particular emphasis on facilitating the energy transition,” Vucins said in a statement.
“With a focus on cryogenic storage solutions – where our team has a proven track record and very strong expertise – we see substantial growth opportunities for LPG in 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. Domestic energy security, as well as the energy transition, is of paramount importance. Our four assets and advanced project pipeline tackle both challenges.”
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