Posted on: 20/03/2018
An investment fund that specialises in energy storage aims to rise £100 million by floating on the stock market in London.
Gore Street Energy Storage Fund will be the first of its kind in the UK.
Chairman Patrick Cox said: “Given the increasing penetration of renewable power in international energy consumption and the ongoing move away from fossil fuel generation, we believe that investment in energy storage projects will deliver strong returns.
“Our first-mover advantage in the UK energy storage sector will help us to deliver through an asset base that provides high-yielding income returns.”
1.7GW in the pipeline
Gore Street already owns three assets, worth a combined £11.2m and capable of storing 18MW, which will be transferred into the fund: the Boulby project in Yorkshire, with batteries provided by NEC; the Welsh Cenin plant, which has batteries provided by Tesla; and the Lower Road Essex facility.
The fund has identified more than 60 potential projects, which together could store 1.4GW of power.
It aims to pay a 7% dividend from 2020 onward.
Shares are expected to begin trading on 12 April.