Gresham House Energy Storage Fund

LSE: GRID

Market Cap£893m

Last Close 165p

GRID seeks to provide investors with an attractive and sustainable dividend over the long term by investing in a diversified portfolio of utility-scale battery energy storage systems located in the UK and Ireland. In addition, the company seeks to provide investors with capital growth through the reinvestment of net cash generated in excess of the target dividend.

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Investment summary

Gresham House Energy Storage Fund (GRID) invests in a diversified portfolio of utility-scale battery energy storage systems (BESS) in the UK and Ireland. This note provides an update to our February 2022 initiation note, following the release of GRID’s results for the financial year (ended 31 December 2021). FY21 was a good year for the fund. GRID’s revenues and NAV returns saw impressive growth, supported by growing demand for BESS services and upward revaluations to some of its portfolio assets. Also, Manager Ben Guest and the board are positive about the future. Operational capacity is set to rise dramatically in the next two years, as GRID’s existing project pipeline comes on stream and Guest plans to expand operations further, by investing in additional projects in US, European, Australian and Canadian markets (subject to shareholder and lender approvals). The stage is set for GRID to realise more significant NAV uplifts and increases in its already attractive dividend.

Content on Gresham House Energy Storage Fund
Gresham House Energy Storage Fund – A great year, and better ones ahead?
Investment companies | research Update | 28 April 2022
Renewable energy storage sign on dark wooden desk.
Gresham House Energy Storage Fund – A rapidly growing fund with scope for NAV uplifts
Investment companies | research Initiation | 16 February 2022
Renewable energy storage sign on dark wooden desk.
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Share price graph
Price performance
%
1m
3m
12m
Actual 1.9 (2.7) 26.9
Relative* (4.6) (5.8) 23.4
52-week high/low 181.8p/128.8p
*% relative to local index
Key management
John Leggate Chairman
Ben Guest MD
Rupert Robinson MD, Gresham House Asset Management

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