Stoneshield Deepens Exolum Stake in Major Energy Transition Play

LUXEMBOURG – May 22, 2026 – In a significant move highlighting the shifting investment landscape in European energy, Stoneshield Capital announced today it will acquire an additional 15% stake in the global energy logistics company Exolum. The deal sees Canadian pension fund OMERS divest its entire holding, with Stoneshield emerging as a key strategic investor in one of the continent's most critical infrastructure platforms.

This transaction increases Stoneshield's total ownership in the Spanish-headquartered company to approximately 20%, building upon an initial 4.93% stake acquired in January of this year. The remaining portion of OMERS’s roughly 25% stake is being purchased by a separate, as-yet-unnamed leading global investment firm. The deal, whose financial terms were not disclosed, is expected to close in the third quarter of 2026, pending regulatory approvals.

A Strategic Pivot in Infrastructure Ownership

The acquisition marks a deliberate deepening of Stoneshield’s commitment to Exolum, moving beyond a simple financial investment to a position of significant influence. Upon completion, Stoneshield Capital will assume three of OMERS's current seats on Exolum's Board of Directors, signaling a more active role in the company's governance and strategic direction.

For Stoneshield, a European real assets firm founded in 2018, the move aligns perfectly with its strategy of investing in sectors supported by long-term structural trends. Co-founders Felipe Morenés Botín and Juan Pepa described Exolum as a "unique HALO infrastructure platform with irreplaceable strategic assets, resilient long-term cash flows and significant growth optionality linked to the evolution of global energy systems."

In their statement, they added: "Increasing our investment and taking active Board representation reflects our conviction in Exolum’s distinctive combination of real assets quality, geographic reach and strategic relevance, and our commitment to supporting management as the company continues to strengthen its position as one of Europe’s leading energy logistics platforms."

This investment is a strong vote of confidence in Exolum's dual role: maintaining the stability of today's energy supply while simultaneously building the logistical backbone for tomorrow's green fuels.

A Disciplined Exit After a Decade of Growth

From the seller's perspective, the transaction represents the successful culmination of a decade-long investment. OMERS, a defined benefit pension plan for municipal employees in Ontario, Canada, has been invested in Exolum since 2016. The sale is a textbook example of a private equity strategy involving active portfolio management and disciplined capital rotation.

During OMERS's tenure, Exolum evolved from a primarily Spanish entity into a more diversified and international business. This was highlighted in December 2025 when OMERS completed a successful €770 million refinancing of its stake, a move that often precedes a strategic sale.

Luca Lupo, Senior Managing Director & Head of Europe at OMERS Infrastructure, commented on the sale: “Over the past decade, Exolum has evolved into a stronger, more diversified and increasingly international business with a growing role in supporting the energy transition. We have been actively involved throughout our ownership and are proud to have supported the company’s growth, diversification and progress in areas linked to lower-carbon fuels and future energy infrastructure alongside management and our investment partners.”

The sale allows OMERS to realize its returns and redeploy capital into new opportunities while leaving Exolum on a strong footing with a new set of committed long-term investors.

Exolum: The Linchpin in Europe's Energy Future

At the heart of this multi-billion-euro transaction is Exolum itself, a company whose assets are becoming increasingly vital in an era of geopolitical uncertainty and energy transition. Its vast network includes a 4,000km pipeline in Spain, a 2,000km network in the UK, 68 storage terminals with over 11 million cubic meters of capacity, and infrastructure serving 48 airports globally, including major hubs like Heathrow, Madrid, and Charles de Gaulle.

While this traditional infrastructure ensures the steady flow of refined products and aviation fuels that power the economy today, Exolum is aggressively future-proofing its business by becoming a pioneer in next-generation energy logistics.

The company is making substantial investments across the green energy spectrum:

• Green Hydrogen: Exolum is developing the world's first project to transport green hydrogen in existing oil pipelines using Liquid Organic Hydrogen Carriers (LOHC) in the UK. It is also building green hydrogen production plants and refueling stations in both the UK's Tees Valley and Madrid, Spain.

• Sustainable Fuels: A new €100 million "energy transition terminal" is under construction in A Coruña, Spain, designed to handle green ammonia, captured CO2, and Sustainable Aviation Fuel (SAF). In the UK, the company is investing to create a "SAF Superhighway" by adapting its pipeline network for blended sustainable jet fuel.

• Carbon Capture (CCUS): Through a new subsidiary, 'Exolum 7CO₂', the company is advancing plans for the UK's first large-scale CO2 storage and transport hub at the Port of Bristol, aiming to handle up to 6 million tonnes of CO2 annually. It has also partnered with Técnicas Reunidas to develop CCUS logistics services for industrial clients in Spain.

These initiatives position Exolum not merely as a transporter of fuels, but as a critical enabler of decarbonization for hard-to-abate sectors like aviation and heavy industry.

Navigating a New Energy and Geopolitical Landscape

Stoneshield's investment comes at a pivotal moment for Europe. The continent is grappling with a dual imperative: ensuring energy security in a volatile geopolitical climate while accelerating the transition away from fossil fuels. This has transformed energy infrastructure from a purely economic asset into one of immense strategic importance.

Europe faces a well-documented investment gap, with much of its energy grid and infrastructure aging and ill-suited for a decentralized, renewable-powered future. Experts estimate that trillions of euros in investment are needed to modernize these systems. This environment creates a powerful tailwind for companies like Exolum and their investors.

By securing a larger stake in a company that is essential to both the current energy system and its future evolution, Stoneshield is making a calculated bet on the long-term value of resilient, adaptable, and strategically located infrastructure. This deal is more than just a change in shareholding; it is a reflection of the deep-seated transformation underway in the global energy market and a clear indicator of where smart capital is flowing in the quest for a secure and sustainable energy future.