Gresham House Energy Storage Fund 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.
Investment Companies |
Flash note
Investment Companies |
Flash note
Investment Companies |
Update
Investment Companies |
Update
Ben Guest
MD
John Leggate
Chairman
Rupert Robinson
MD, Gresham House Asset Management
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 32.1 | 15.3 | (66.5) |
Relative | 28.5 | 7.9 | (68.1) |
52 week high/low | 163.8p/38.2p |
Gresham House Energy Storage Fund (GRID) is the largest UK fund investing in utility-scale battery energy storage systems (BESS). A recent sharp decline in gas prices, a ‘disappointing’ start to the Energy System Operator’s (ESO’s) new energy trading platform and systemic delays connecting completed projects to the national grid have raised concerns about the revenue generating capacity of the BESS sector. This has placed significant downward pressure on the share prices of GRID and others in the sector. GRID’s share price has declined by more than 50% over the past month and is trading at a 67% discount to its last published NAV. A recent trading update by GRID’s manager, Ben Guest, provided details of the company’s response to these challenging market conditions, while also reiterating confidence in GRID’s positive long-term prospects.