Gresham House Energy Storage (GHES) Fund has raised £31m (€36m) in gross proceeds following a share placing on 17 February that will be used to fund a 10MW expansion to the 40MW Glassenbury battery storage plant in Kent, southern England.
The balance will provide increased working capital to complete the potential acquisition of an operational energy storage project, which has the potential for expansion to over 50MW.
GHES chairman John Leggate said: “(The company) is on a journey to build scale in energy storage. It is already a leader in the sector and expects nearly to double its grid connection capacity to over 330MW during 2020.
“This fund raise is an important step in that direction. We are grateful to our investors for their support and look forward to significant developments in the year ahead.”
The fund owns a portfolio of utility-scale operational energy storage systems in the UK, with a current capacity of 174MW.
The company is managed by Gresham House Asset Management.