Global Energy Storage closes its 1st investment in Port of Rotterdam with Gunvor Group
Updated: Feb 28, 2022
Following the signing of a binding agreement in November, Global Energy Storage announced Feb. 22 that it has successfully closed the transaction to acquire part of the Stargate Terminal from Gunvor Group in Europoort, Port of Rotterdam.
Consequently, Global Energy Storage now owns four Class 1 product tanks totaling more than 212,000 cubic meters with long-term off-take from Gunvor. In addition, Global Energy Storage has acquired the rights to develop approximately 20 hectares of vacant land. Furthermore, it is pursuing expansion projects to support the energy transition, such as import facilities for ammonia, storage for biofuels and feedstock, chemicals, gases, and waste-to-fuel production.
“This is an important milestone for Global Energy Storage,” said CEO Peter Vucins. “The location of this first investment in the heart of the Port of Rotterdam positions us perfectly to significantly contribute to our client’s needs to develop the new storage and logistics infrastructure to facilitate the energy transition, which is upon us and accelerating. Our partnership with Gunvor Group and Port of Rotterdam is vital to our strategy to realize these expansions, as are other strategic partnerships we currently are in discussions with. We hope to revert with some further positive news relatively soon.”