Edison Updates on Gresham House Energy Storage Fund (GRID): Focus on Revenues and Project Completions

London, UK, 20 May 2024 - Edison Investment Research Limited has released an update on the Gresham House Energy Storage Fund (GRID). The fund, which invests in utility-scale battery energy storage systems (BESS) in Great Britain, experienced significant share price declines in late 2023 and early 2024. This downturn was primarily due to unexpected revenue drops and slower-than-expected utilisation of BESS by the UK’s Electricity System Operator.

In response, GRID's management, led by Ben Guest, has refocused on maximising cash generation, completing its near-term project pipeline, and reducing debt. Revenue trends are improving, with further growth expected as projects come online and sector changes take effect. While patience is required for these measures to manifest fully, the BESS market remains fundamentally strong, bolstering GRID's long-term outlook.

Sustainable investment advocates may find GRID's role in the renewable energy transition appealing. The company also provides access to often elusive real asset investment opportunities.