Global Energy Storage (GES) announced it has closed the transaction to acquire part of the Stargate Terminal from Gunvor Group in Europoort, Port of Rotterdam.
GES, which signed a binding agreement to take over the site in November 2021, now owns four Class 1 product tanks totaling over 212 thousand cubic meters with long-term off-take from Gunvor. In addition, GES 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.
Peter Vucins, CEO of GES, said, "This is an important milestone for GES. 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."