October 12, 2023 [Energy Global]- Boosting Shell’s global lubricants portfolio, the acquisition of MIDEL’s premium product range will enable Shell to complement its differentiated position in trans-former oils used for power distribution, offshore wind parks, utility companies, and traction power systems.
By adding synthetic and natural ester-based transformer fluids and services to its portfolio, Shell Lubricants aims to deliver improved fire protection and biodegradability to its customers. Meanwhile, MIVOLT’s ester-based immersion cooling fluids will support the development of thermally efficient electric vehicle batteries, battery energy storage systems, and data centres.
Shell’s Executive Vice President for Global Lubricants, Jason Wong, said: “The addition of the MIDEL and MIVOLT premium product ranges to our portfolio acknowledges the growing ester fluid market and will help Shell Lubricants meet customer needs in the renewables and power sectors. Most importantly, we expect the outstanding technical knowledge and application expertise of their people will add huge value to Shell Lubricants.”
M&I Materials Ltd Chairman, Colin Salt, added: “Ester fluid manufacturing has been a huge part of M&I Materials Ltd for over 45 years and a source of pride for everyone involved in developing this technology which customers in many markets worldwide have come to specify and trust. We want to see the growth potential for both MIDEL and MIVOLT realised and we believe Shell is uniquely positioned to take them forward and on to their next stage of development.”
When completed, this acquisition will support Shell Lubricants’ purpose ‘to keep the world progressing today for tomorrow’ by providing world-class fluids and services, as well as e-fluids and e-greases to protect and enhance performance. By bringing higher grade products to customers in the renewable energy and power sectors, this acquisition supports Shell’s Powering Progress strategy, to work with its customers and across sectors to accelerate the transition to net-zero emissions.
For the purposes of this acquisition, M&I Materials Ltd will carve out its MIDEL and MIVOLT businesses into M&I Materials Development Ltd, which Shell will acquire in full. Subject to regulatory approvals and deal completion, which is expected 4Q23, M&I Materials Development Ltd will subsequently be fully owned and operated by Shell. M&I Materials Ltd will continue to operate its other business lines.
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