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Edison issues update on Gresham House Energy Storage Fund (GRID): Focused on revenues and project completions

Edison Investment Research Limited
Edison issues update on Gresham House Energy Storage Fund (GRID): Focused on revenues and project completions

20-May-2024 / 08:50 GMT/BST
The issuer is solely responsible for the content of this announcement.


 

London, UK, 20 Mai 2024

 

Edison issues update on Gresham House Energy Storage Fund (GRID): Focused on revenues and project completions

Gresham House Energy Storage Fund (GRID) invests in utility-scale battery energy storage systems (BESS) in Great Britain. GRID and its peers saw sharp share price falls in H223 and early 2024, due mostly to an unexpected decline in revenues and the slower-than-expected utilisation of BESS by the UK’s Electricity System Operator (see our last note). In response to these events, GRID’s manager, Ben Guest, and its board have refocused the company’s use of capital and are now concentrating on maximising cash generation, completing GRID’s near-term project pipeline and reducing debt. GRID’s revenues have already begun to rise and are expected to improve further as new and extended projects come online and structural changes within the sector play out. Investors may need to be patient while these measures, and improvements to the National Grid’s energy trading platform, take full effect, but the fundamentals of the BESS market are strong, suggesting GRID’s longer-term prospects remain positive.

Those focused on sustainable investments may appreciate GRID’s contribution to the transition to renewable energy. The company also offers the opportunity to invest in real assets that are often difficult to access.

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1906889  20-May-2024 

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