Gresham House Energy Storage Fund (GRID) is the largest UK fund investing in utility-scale battery energy storage systems in Great Britain and Ireland. Yesterday’s update on performance for the financial year ending 31 December 2022 and the outlook for 2023 includes news of an NAV increase in Q422, with further increases forecast in Q123 and beyond, a 5% increase in the 2023 dividend and plans to significantly expand GRID’s project pipeline across Great Britain, Ireland, the US, the European Union and Australia. These developments are all consistent with projections made in our recent update note (see link below) and suggest 2023 will be a year of both income and capital growth for GRID. They also bode positively for GRID’s efforts to capitalise on the global opportunities available in the battery energy storage sector over the longer term.