In a year that has been characterised by a roller-coaster ride in sentiment, the end outcome is likely to be one that is very positive for those investors who blocked out the noise, held their noses and stayed in equity markets.

How to invest in the UK’s social impact REITs

Markets picked up where they left off last quarter with nearly all countries seeing markets climb further. The US and China led the way against a backdrop of easing concerns about trade tensions and AI continuing to be the predominant equity market theme. The continuing rise of equity markets, including sharp jumps for some stocks, triggered renewed discussion about the possibility that we are entering a new AI-driven bubble similar to the dotcom boom in the late nineties.

Like any good gameshow host, President Trump continued to keep the world guessing this quarter with ‘liberation day’ the key event from a market perspective. Trump announced tariffs on countries around the world, both allies and foes, based on a formula that can be distilled to their balance of trade for goods with the US. Using this overly simplistic view of trade, the Trump administration proposed a range of ‘reciprocal tariffs’ for countries around the world with a minimum global tariff of 10%. Markets unsurprisingly reacted negatively to this announcement with sharp declines seen in all major markets.

Edison recently published a note on Gresham House Energy Storage Fund, known by its ticker, GRID. 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 threeyear plan to significantly increase both revenues and operational capacity, and reinstate its dividend, will move into full swing in the second half of 2025, 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.

Listen on your preferred podcast player below:

• Apple Podcast
• Spotify
• YouTube
• Zencastr

About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.

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.

In this interview, associate director at Gresham House James Bustin reveals how Gresham House Energy Storage Fund (GRID) is scaling to 1GW of capacity and well beyond, locking in revenues with an innovative tolling arrangement and positioning for the UK’s 2030 clean energy target. If you care about renewables or high‑growth infrastructure investing, hit play now to learn more about GRID’s achievements and big ambitions.