Gresham House Energy Storage Fund in 60 seconds

Gresham House Energy Storage Fund (GRID) is the largest owner and operator of battery energy storage systems in the UK. Its operational portfolio represents 17% of the market in megawatt terms. This is more than twice the market share of its nearest competitor. GRID’s annual results for the year ended December 2024 confirm that, after a tough start to the year for GRID and its competitors, the company’s response to these challenges has significantly improved its prospects. Revenues have risen and look set to increase further. The fundamentals of the battery energy storage sector remain extremely supportive and GRID’s manager is focused on capitalising on the growth opportunity this presents. The company’s three-year plan to significantly increase both revenues and operational capacity, and reinstate its dividend, will begin in H225, once refinancing negotiations are finalised. GRID’s share price discount to NAV has begun to narrow but the company’s positive outlook suggests the potential for further discount narrowing.