Gresham House Energy Storage Fund has raised total gross proceeds of £50m through a recent share issue.
Subject to confirmatory due diligence and documentation, the net proceeds of the issue are intended to fund the first closing of Project Iliad comprising 160MW of solar with collocated, four-hour battery projects in California, USA.
John Leggate, Chair of Gresham House Energy Storage Fund, said: “We really appreciate this positive and broad support from investors, particularly given the current challenging market conditions.
“The funds raised will give us an opportunity to secure a foothold in the US, one of our most important target markets.
“The pace of renewable energy growth globally remains strong, underpinned by the demand for cleaner, cheaper and secure energy, net zero commitments and government incentives.
The case for investing in grid level battery energy storage remains more compelling than ever.
“We look forward to reporting further progress this year.”
Ben Guest, Fund Manager and Head of Gresham House New Energy, added: “The funds raised will kick-start our first US investment, constructing 160MW of solar plus collocated four-hour battery energy storage system projects in California, and we would like to thank all our shareholders for this ongoing support and endorsement.
“We consider California to be one of the most exciting renewables markets in the United States and the fundraise represents a significant milestone in GRID’s progress, as we continue to monetise the opportunities available in an increasingly renewables-driven power market.”
Application will be made for the New Ordinary Shares to be admitted to trading on the Specialist Fund Segment of the London Stock Exchange’s main market.
Admission is expected to become effective, and dealings in the New Ordinary Shares are expected to commence on 30 May 2023.