May 23 (Renewables Now) - Gore Street Energy Storage Fund plc has raised GBP 30.6 million (USD 41.1m/EUR 34.9m) gross from its maiden placing on the London stock exchange (LSE), it announced on Tuesday.
The net proceeds from the placement are estimated at around GBP 30 million, in line with the fund’s target. It plans to invest in utility-scale energy storage assets mainly in the UK but will also consider projects in North America and Western Europe.
Gore Street’s seed portfolio of 18 MW includes three assets using batteries by NEC Energy Solutions Inc and Tesla (NASDAQ:TSLA). The company said in March it had a large identified pipeline of over 60 potential projects totalling about 1,340 MW.
The company has made applications for admission for trading of 30.6 million ordinary shares on the main market of the London bourse. It expects dealings to start on May 25 under the ticker “GSF.”
Commenting on the offering, Alex O'Cinneide, managing partner of Gore Street Capital Ltd, said: "The completion of our fundraising confirms our belief that the energy storage market provides a tremendous opportunity for the Fund's investment strategy [..]”
The company’s initial goal was to seek gross proceeds of GBP 100 million. The target was lowered earlier this month.
(GBP 1.0 = USD 1.343/EUR 1.140)