Global Energy Storage Group (GES), a leading provider of innovative energy storage solutions, is pleased to announce the successful sale of 100 percent of the issued share capital of SRS Middle East FZE by its subsidiary, GPS Innova Singapore Pte. Ltd., to Paragon Capital Pvt. Ltd., a distinguished investment firm specialising in the energy sector.
SRS Middle East FZE operates a terminal with 178.6 thousand cubic metres of storage capacity for petroleum products and petrochemicals. GES initiated the development of the terminal on a greenfield site in 2018, with its commissioning taking place in 2020.
As a subsidiary of GPS Innova Singapore Pte. Ltd., SRS Middle East FZE has played a significant role in providing innovative storage solutions and services to clients in the Middle East region.
The divestment of SRS Middle East FZE is in line with GES’s strategic focus on optimising its core business operations, particularly in the cryogenic storage of gases such as LNG, LPG, ammonia, and hydrogen, to facilitate the global energy transition.
This transaction underscores GES’s commitment to enhancing shareholder value and consolidating its position as a leader in the global energy storage industry.
Peter Vucins, CEO of GES, commented: “The successful development of the terminal from inception underscores our unparalleled capability to establish strategic assets on greenfield sites. We are confident that Paragon Capital will continue the legacy of excellence established by the SRS team over the past six years.”
The Hamriyah Terminal, strategically situated in the UAE, has been a critical asset for Global Energy Storage, offering cutting-edge facilities for energy product storage and distribution. Under Paragon Capital’s ownership, the terminal is poised to further elevate its capabilities and continue serving as a pivotal hub in the region’s energy infrastructure.
Constructed in 2018 and completed in the summer of 2020, the terminal boasts a capacity of 178,640 cubic metres.
Susmit Gupta, Managing Director of Paragon Capital, expressed enthusiasm about the acquisition, stating: “We are thrilled to have finalised the acquisition of this state-of-the-art storage terminal in the UAE, managed by an outstanding team. We firmly believe that the UAE will play a leading role in the energy sector, and this asset aligns seamlessly with our strategy and investment outlook.”
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