Private equity player Bluewater backs new energy storage firm

Private equity group Bluewater is supporting a new energy storage infrastructure group Global Energy Storage (GES) that plans to invest $250mn with a focus on energy transition projects.

GES was launched on May 11, Bluewater said in a statement. It was set by the management team from hydrocarbon storage and logistics firm Global Petro Storage (GPS) and will focus on "key global hubs and growth locations, international cross-linking business, and long-term relationships with top-tier energy suppliers.

"Its focus will be on low carbon and energy transition fuels and related infrastructure and logistics services," Bluewater said.

At the new company's helm will be CEO Peter Vucins, with Eric Arnold serving as its executive chairman. Alan Hyslop, Sim Seow Wah and Mark Synnott, also from GPS, will work as GES' CIO, CFO and CTO respectively. Management will be based in Singapore, The Netherlands, UAE and London.

"We have a proven ability to execute both greenfield and brownfield projects. We see growth areas in the storage and logistics for LNG, LPG, hydrogen, ammonia and renewable fuels," Vucins said in a statement. "We’re developing an exciting pipeline of projects in Southeast Asia, Latin America, and elsewhere across the globe. We anticipate announcing our first deal very soon. It’s an exciting time for GES and we look forward to making further announcements soon about the expansion of the business."

Bluewater sold its interest in UK gas infrastructure operator PX Group to the latter's management team, netting a 30% internal rate of return on its original investment five years ago. PX operates and maintains the St Fergus gas terminal in Scotland on behalf of North Sea Midstream Partners, among other assets.