The new funding is to be used for a battery storage pipeline. Image: Gresham House

Gresham House Energy Storage Fund has raised £150 million following it announcing the new share placing earlier this week.

The company is to issue 103,448,275 ordinary shares at 1p each in the capital of the company, with the placing significantly oversubscribed – leading to a scaling back exercise.

This new funding is to finance the majority of a 747MW existing battery storage pipeline the company is acquiring, with this consisting of projects in the UK and Ireland. Due diligence is under way for 674MW of this.

John Leggate CBE, chair of Gresham House Energy Storage Fund PLC said: “Strong investor demand means that we can commit to further development of our pipeline to create even greater scale and diversification.”

Application has been made for the new ordinary shares to be admitted to trading on the Specialist Fund Segment of the London Stock Exchange's main market, with admission expected to occur and dealings in the new ordinary shares to commence on 31 May 2022.

It follows the company raising £100 million last year and £120 million in 2020.