Gore Street Capital’s Energy Storage Fund has fallen someway short of its £100 million fund raising target, securing less than one-third of that figure.

In March this year Gore Street Energy Storage Fund became the UK’s first listed fund targeting energy storage specifically, seeking to raise £100 million to invest in a diversified portfolio of utility-scale energy storage projects in the UK, North America and Western Europe.

However this target was drastically cut within an updated and supplementary prospectus last month that revealed the company was now targeting just £35 million.

And despite securing £14 million from NEC Energy Solutions and Nippon Koei – on top of £2.4 million from Gore Street Capital directors and affiliates – the fund raise only managed to find a further £14.2 million, taking the total proceeds to £30.6 million.

Net proceeds of the issue are expected to be around £30 million.

Alex O’Cinneide, managing partner at Gore Street Capital and adviser to the company, pointed towards “tough prevailing market conditions” but nevertheless said the firm was “delighted” to announce the completion of its initial fundraise.

“The completion of our fundraising confirms our belief that the energy storage market provides a tremendous opportunity for the Fund’s investment strategy and I look forward to updating the market with the progress that I am sure we will achieve.”

“I would like to thank all our advisors for all their support that has ensured this successful outcome,” he said.