July 12 (Renewables Now) - Gresham House Energy Storage Fund plc (LON:GRID) has raised some GBP 15.3 million (USD 19m/EUR 17m) in gross proceeds from its previously announced placing of new ordinary shares.
The energy storage fund that was launched last year by UK asset manager Gresham House Plc (LON:GHE) initiated the placing on Thursday and unveiled today that a total of 14.61 million shares were issued at a price of GBP 1.05 apiece. This is a discount of 4.1% to the closing middle market price on July 10, 2019.
The raised sum will allow the company to buy further energy storage systems. The firm was listed in November 2018 and has since then raised about GBP 165 million from its investors, including the initial public offering (IPO) proceeds. It expects to fully deploy its cash resources by the end of the first quarter of 2020.
The latest transaction is part of the company’s ongoing Placing Programme under which it raised gross proceeds of GBP 49.7 million in late May 2019. This programme will remain open until October 16, 2019, with a further 36.16 million new ordinary shares available for issuance.
(GBP 1.0 = USD 1.253/EUR 1.114)