Gresham House Energy Storage Fund (LSE: GRID)

Last close As at 12/07/2024

GBP0.74

0.40 (0.54%)

Market capitalisation

GBP422m

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.

Latest Insights

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Investment Companies | Flash note

Gresham House Energy Storage Fund — Responding to challenging times

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Gresham House Energy Storage Fund — Powering on

Equity Analyst

Joanne Collins

Joanne Collins

Analyst, Investment Trusts

Key Management

  • Ben Guest

    MD

  • John Leggate

    Chairman

  • Rupert Robinson

    MD, Gresham House Asset Management

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 11.8 73.9 (45.6)
Relative 10.2 66.7 (52.1)
52 week high/low 135.6p/38.2p

Overview

Gresham House Energy Storage Fund (GRID) invests in utility-scale battery energy storage systems (BESS) in Great Britain. GRID and its peers saw sharp share price falls in H223 and early 2024, due mostly to an unexpected decline in revenues and the slower-than-expected utilisation of BESS by the UK’s Electricity System Operator (see our last note). In response to these events, GRID’s manager, Ben Guest, and its board have refocused the company’s use of capital and are now concentrating on maximising cash generation, completing GRID’s near-term project pipeline and reducing debt. GRID’s revenues have already begun to rise and are expected to improve further as new and extended projects come on line and structural changes within the sector play out. Investors may need to be patient while these measures, and improvements to the National Grid’s energy trading platform, take full effect, but the fundamentals of the BESS market are strong, suggesting GRID’s longer-term prospects remain positive.

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