London, January 2024 – Shell UK has completed its purchase of ester fluid businesses MIDEL and MIVOLT from M&I Materials Ltd. The acquisition further reinforces Shell’s position in the global transformer insulating liquids and direct immersion cooling markets.
MIDEL ester transformer fluid was developed in the 1970s and now comprises a range of four ester fluids. MIVOLT is a range of immersion cooling liquids, also manufactured using ester technology, launched in 2019 to serve the electric vehicle battery, data centre and battery energy storage markets.
MIDEL and MIVOLT are now owned by M&I Materials Development Ltd, which is fully owned and operated by Shell and is a member of the Shell Group, with Richard New appointed as its Managing Director.
Richard has most recently led Shell’s Fleet Solutions fuel business during his seventeen years at Shell and he succeeds Barry Menzies who announced in September 2023 his retirement after a distinguished career with M&I Materials. Barry will be retained in an advisory capacity, supporting the incoming leadership team during the changeover phase.
Richard New commented: “This strategic acquisition not only acknowledges a flourishing global ester fluid market, it also harnesses the power of two thriving and respected brands. I extend my thanks to Barry for the leadership that has made MIDEL a dominating brand in the energy industry. I also thank the wider M&I Materials team for their unwavering support throughout the deal process and forthcoming transition period. MIDEL and MIVOLT represent an incredibly exciting launch pad for future growth – both products offering tangible advantages to an energy world demanding ever more sustainable solutions.”
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