Gresham House plc (LON: GHE) today announced the successful Gresham House Energy Storage Fund Plc issue.
The Fund will be managed by the New Energy division of Gresham House Asset Management, the specialist renewable and storage asset manager.
The net proceeds will be used by the Fund to acquire a Seed Portfolio for a consideration of £57.22 million* immediately following Admission and will subsequently be available to invest in an exclusive pipeline of utility-scale Energy Storage Systems (ESS) in Great Britain.
These assets provide services to the National Grid to support grid stability as well as delivering the essential infrastructure required to enable Great Britain’s increasing reliance on intermittent sources of renewable energy such as wind and solar.
The Supplementary Prospectus for Gresham House Energy Storage Fund Plc is available on the Company’s website: newenergy.greshamhouse.com/esfplc.
Tony Dalwood, Chief Executive Officer of Gresham House, said: “We are pleased to have raised £100m against a backdrop of volatile markets. Gresham House Energy Storage Fund Plc provides our clients with access to a new and innovative, fast-growing sector and is highly complementary to solar and wind investments. We now have a strong platform from which to grow a substantial “institutional scale” fund.”