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Gresham House Energy Storage Fund raises over GBP30m in oversubscribed share issue

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Gresham House Energy Storage Fund has raised GBP31.2 million in gross proceeds though the issue of 30 million shares at a Placing Price of 104 pence per share. The placing was oversubscribed.

Gresham House Energy Storage Fund has raised GBP31.2 million in gross proceeds though the issue of 30 million shares at a Placing Price of 104 pence per share. The placing was oversubscribed.GRID owns a portfolio of utility-scale operational energy storage systems (known as ESS) located in Great Britain. The portfolio has a current capacity of 174MW. The Company is managed by Gresham House Asset Management under the leadership of Ben Guest.
 
GRID intends to use the proceeds to:

• complete the potential acquisition of a significant operational project which has the potential for expansion to over 50MW;

• fund the 10MW extension of the Glassenbury project acquired in December 2019;

with the balance to provide increased working capital.
 
John Leggate CBE, Chair of Gresham House Energy Storage Fund, says: “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.”
 
Gresham House Energy Storage Fund was admitted to trading on the London Stock Exchange (Specialist Fund Segment) in November 2018 and has raised a total of approximately GBP238 million of gross proceeds from investors. Admission and dealing in the Placing Shares on the Specialist Fund Segment of the London Stock Exchange’s main market are expected to commence at 8.00 am on 5 March 2020.

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