Energy storage fund Gore Street has succeeded in tapping its investors for new equity needed to build out its 1.3GW pipeline of projects.
The possible purchase of an 80MW storage project already in advanced development may be funded from the firm’s latest fundraising round, Gore Street CEO Alex O’Cinneide has confirmed.
Tripling its assets in Ireland to 90MW is earmarked as another use for the cash, the development firm said.
The new equity will almost double the Gore Street fund’s market capitalisation, which today stood at £147.47 million.
Composed of just over 132 million shares priced at 102 pence each, the new tranche will be open for trading tomorrow (Tues 27th) on the LSE’s main market. Today (Mon) at 14:45 Gore Street Energy Storage Fund’s share price stood at 104 pence, up 1.46% on the day.
As recently as December, Gore Street’s IPO in London raised £60 million. Last month the fund signed an agreement with lenders Santander, securing revolving credit of up to £15 million.
The fund’s quick return to the market is buoyed by investors’ keen current appetite for operators and innovators in energy storage.
Last week Gore Street’s rivals Gresham House paid £15.6 million for a 30MW project in Scotland. That battery-only facility brings Gresham House’s fleet of built or planned batteries to 145MW.