Storage fund raises £31.2M in share offering as it seeks to double capacity by year-end

Gresham House Energy Storage Fund has raised £31.2 million gross in a new share offering.  It said the offering, at 104 pence per share, was oversubscribed.

The fund currently has energy storage projects  totalling 174MW. Now it wants to  acquire  a “significant operational project which has the potential for expansion to over 50MW” and fund a 10MW extension of the Glassenbury project acquired in December 2019.

John Leggate CBE, chair of Gresham House Energy Storage Fund, said, “GRID is on a journey to build scale in energy storage. It is already a leader in the sector and expects nearly to double its grid connection capacity to over 330MW during 2020. This fund raise is an important step in that direction. We are grateful to our investors for their support and look forward to significant developments in the year ahead.”

The fund was admitted to trading on the London Stock Exchange (Specialist Fund Segment) in November 2018.