Gresham House Energy Storage Fund (GRID) has completed a third-party equity funding of £8.6m in Glassenbury Battery Storage Ltd.
The funds will be used to finance the augmentation of its combined 50MW Glassenbury projects from 38MWh to 110MWh, a 2.2-hour duration.
The funds have been raised through a new equity issuance at a valuation equal to the projects’ net asset value.
Glassenbury Battery Storage Ltd, which owns the Glassenbury A (40MW) and Glassenbury B (10MW) projects in Hartley, Kent, and was indirectly 100% owned by GRID prior to this transaction, has issued new shares to UAB E Energy Invest (EEI).
Following the transaction, EEI will own 35% of Glassenbury and GRID will continue to indirectly own the remaining 65%.
EEI is the investment vehicle of the Strioga Family Foundation, which has evolved from the family-owned renewables business E Energija.
Planning permission for the Glassenbury projects has been granted, and construction and battery supply agreements are due to be signed shortly. GRID expects construction work to begin in early July, and this will be completed in December 2025.
Gresham House chair John Leggate CBE said: “We are delighted to close this deal with EEI to invest equity into Glassenbury.
“This transaction is believed to be the first augmentation-driven equity injection at project level for a listed BESS fund.
“The funds from this transaction will be used to augment one of our shortest duration assets to over two hours, substantially increasing the value of Glassenbury.
“This unlocks an innovative path to raising equity funds at a project level for GB BESS and supports GRID’s continued progress in delivering on our declared growth strategy. Most importantly this approach will create further value for our shareholders.”