Gresham House Energy Storage Fund plc Gresham House Energy Storage Fund plc
Gresham House Energy Storage Fund plc (GRID) invests in a portfolio of utility-scale operational energy storage systems (ESS) primarily using batteries in Great Britain.
Why invest?
The UK’s approach to electricity generation is undergoing fundamental change, shifting from coal and gas-fired power stations towards an energy mix dominated by renewable energy.
A cost-effective solution to the intermittency of renewable energy is energy storage to address supply-demand imbalances on the national grid, in real time.
Investment approach
The fund seeks to provide shareholders with an attractive and sustainable dividend over the long term, alongside the prospect of capital growth.
The investment team has constructed a diversified portfolio of operational utility-scale ESS projects. Each one can generate multiple revenue streams to allow the fund to deliver on its return objectives.
It focuses on four sources of revenue:
- Asset optimisation – the ability to maximise income from the wholesale market and the Balancing Mechanism (through which National Grid balance intra half-hourly supply and demand)

- Firm Frequency Response – the provision of a dynamic (i.e. proportionate) response to small supply-demand imbalances, second by second, based on changes in the GB grid’s electrical frequency
- Capacity Market – a UK government mechanism whereby generators (including batteries) are paid a fixed fee for being on call to deliver power when required at times of extreme need (known as ‘stress events’)
- Grid payments – at times of peak demand National Grid make ‘Triad’ payments to generators (including batteries) during the three peak half-hours when demand is highest for the year

How to invest
Investors can access the fund through the stock exchange (ticker: GRID). The fund is listed on the Specialist Fund Segment of the London Stock Exchange which is aimed at knowledgeable, sophisticated and professional investors.
Potential investors are invited to contact Anthony Crosbie Dawson for more information:
Anthony Crosbie Dawson, Director, Private Clients
+44 (0)1451 843 096
a.crosbiedawson@greshamhouse.com
Board

John is a highly-experienced international executive in the energy sector and an investor and advisor in renewable energy and digital technology. In his early career, John worked in civil nuclear power generation and held a number of senior roles at BP, focusing on the North Sea and Azerbaijan. Latterly at BP, he held a range of corporate-level executive roles, including Group Chief Information Officer.
He was also responsible for group-wide physical and cyber security and led the development of corporate digital transformation investment activity. John is currently a senior advisor to global blue-chip consultants specialising in energy and digitisation, a partner with donedeal (Monaco) – a boutique financial advisory and M&A house – and is on the board of cyber security firm Global Integrity. John also serves on the Enterprise Committee of the Royal Academy of Engineering.

Cathy is a legal adviser who has specialised in the investment company sector for over 20 years. Cathy is currently a Partner at CMS, a top global law firm. Prior to this, she worked in the asset management practice of another top global law firm for almost 20 years, 8 of which as a Partner.
Cathy’s work has encompassed investment fund structuring and fundraising for domestic and international investment funds. Cathy is also a member of the Law Society Company Law Committee and sits on the Regulatory and Governance Committees of LPeC, the industry association for listed private capital funds.

David is a financial journalist and commentator for several leading publications, including The Financial Times, Citywire and MoneyWeek. He is Executive Director of leading alternative finance news and events service altfi.com, which covers major trends in marketplace lending, crowdfunding and working capital provision for SMEs. David is the author of a number of books, including a bestseller on ETFs and their use within portfolios in Europe for the FT.
David was a Director at The Rocket Science Group and before that a Senior Producer in business and science for BBC TV. He is also a Non-Executive Director on the SQN Secured Income Investment Trust and the Aurora Investment Trust.

Duncan is a Chief Financial Officer and Finance Director with over 20 years’ public and private commercial experience. He is a Fellow of the Institute of Chartered Accountants and qualified with PwC in London. Duncan was part of the senior management team that turned Corona Energy from a gas trading business into the largest independent supplier of gas to UK businesses and has also served as CFO of an M&A team bidding for thermal power stations.
Recently he spent several years as Finance Director of Belltown Power, a renewable energy site operator (hydro, solar and wind) holding a portfolio of 215 MW. He is a Trustee and Treasurer of Cambodian Children’s Fund UK.
Investment team

New Energy
Ben has been Managing Director and Head of the Gresham House New Energy division since November 2017. He is also the Fund Manager of Gresham House Energy Storage Fund plc and Fund Manager for the British Strategic Investment Fund (BSIF) strategy. Ben started his fund management career at Lazard Asset Management in 1994 and worked there for nine years, He founded Hazel Capital (now Gresham House New Energy) in April 2007, serving as Managing Partner and Chief Investment Officer.
He is responsible for the origination and execution of investment opportunities alongside on-going portfolio management. Prior to founding Hazel Capital, he was a co-founder of Cantillon Capital, where he managed a $1bn equity hedge fund focused on global technology, media and telecom. Ben currently serves as a director of over 40 companies and until recently was the non-executive chairman of Oxis Energy, a UK-advanced battery power company. He has 26 years of investment experience and holds a BEng in Mechanical Engineering from Imperial College.

Bozkurt joined Hazel Capital (now Gresham House New Energy) in 2008 as a Partner and Portfolio Manager. He co-manages the Gresham House New Energy VCTs and sources and executes new opportunities, covering transaction negotiation, due diligence and contract negotiation. He dedicated the early part of his career to funding and advising companies in the telecommunications and technology industries, whilst in roles at Nomura, Salomon Brothers, Bowman Capital and Deloitte & Touche. In 2002 he co-founded and built New Energy Finance (NEF), which became the leading provider of data, research and analysis to investors in the global cleantech industry. NEF was acquired by Bloomberg in December 2009.
He has 25 years’ principal investment, advisory and business-building experience in the clean energy, telecommunications and technology industries, and holds an MSc in Electrical Engineering from Imperial College London.

Gareth has been an Investment Director at Gresham House since November 2017. He joined the company following the acquisition of Hazel Capital where he was a Partner. Gareth is responsible for executing investments, particularly acquisitions, disposals and limited recourse financings of pre-and-post commissioned renewables projects. Prior to joining Hazel Capital, he worked at Barclays Capital from 2001 to 2009, latterly as a Vice President for Barclays Natural Resource Investments, a c.US$1.5bn captive private equity fund investing in natural resources and renewable energy. Prior to that, he worked in the Structured Capital Markets divisions of Barclays Capital and Deutsche Bank, handling the acquisition and disposal of various asset-based companies. He started his career in infrastructure project finance at NatWest Markets, advising on and financing a number of Private Finance Initiative (PFI) / Public Private Partnership (PPP) projects. Gareth has over 20 years of experience and holds an MBA from Imperial College Business School, an MSc in Engineering Project Management and a BEng in Civil Engineering, both from the University of Manchester.

Gresham House Asset Management Limited
Rupert Robinson has been the Managing Director of Gresham House Asset Management Ltd since September 2015. Before joining Gresham House, Rupert was CEO and CIO of Schroders (UK) Private Bank for 11 years and prior to that spent 17 years at Rothschild where he was latterly Head of Private Clients at Rothschild Asset Management. Rupert has a proven track record of delivering significant value to shareholders. He has over 31 years of experience in asset management, private banking and wealth management, focusing on product innovation, investment management, business development, banking and wealth structuring. He is a member of the Group Management and Investment Committees.

Matthew joined Gresham House in July 2020 as a Commercial Asset Manager.
Prior to this, Matthew had worked in the energy industry for 7 years, initially in Oil & Gas before transitioning to renewable / clean energy with the latter period focused on maximising revenue streams available to energy storage assets.
Matthew holds an MEng in Chemical Engineering from Imperial College London and an MSc in Renewable Energy from the University of Reading.

Rich joined Gresham House in June 2020 as Technical Asset Manager. His career started as an engineering apprentice at Drax power station and has progressed through plant operations, maintenance and engineering, into asset and plant management. With extensive industry experience, he has been exposed to many different business units and has been heavily involved in a variety of major engineering projects including upgrades to failing assets and completion and commissioning of state of the art new build energy-from-waste sites.
He has over 25 years’ experience in the Energy industry of which five years were spent trading UK power and gas for International Power, London and two years trading UK and Ireland power and gas for ESBi, Dublin.
Investor relations queries
Computershare Investor Services plc
The Pavilions
Bridgwater Road
Bristol
BS13 8AE
https://www.computershare.com/uk
0370 703 0157
Shareholder information
View or subscribe to the key shareholder information for this company.
Gresham House Energy Storage Fund plc – Share Issuance Programme >>
Gresham House Energy Storage Fund plc – Summary document >>
Gresham House Energy Storage Fund plc – Securities Note >>
Gresham House Energy Storage Fund plc – Registration document >>
Gresham House Energy Storage Fund plc – Prospectus; Initial public offering and placing programme >>
INTRODUCTION
The Fund (or the Company), invests in a diversified portfolio of utility-scale energy storage systems (‘‘ESS Projects’’), which utilise batteries and may also utilise generators. The ESS Projects comprising the Portfolio are located in diverse locations across Great Britain.
Individual projects are held within special purpose vehicles into which the Company invests through equity and/or debt instruments. It is intended that each ESS Project Company holds one project but an ESS Project Company may own more than one project. The Company will typically seek legal and operational control through direct or indirect stakes of up to 100%. The ESS Projects may participate in joint ventures or co-investments, including, without limitation with other investors or entities managed, operated or advised by the Gresham House Group. This approach enables the Company to gain exposure to assets within the Company’s investment policy, the like of which the Company would not otherwise be able to acquire on a wholly-owned basis. In such circumstances the Company will seek to secure its shareholder rights through protective provisions in shareholders’ agreements, co-investment agreements and other transactional documents.
ASSET TYPE AND DIVERSIFICATION
The Fund (or the Company), currently intends to invest primarily in ESS Projects using lithium-ion battery technology as such technology is considered by the Company to offer the best risk/return profile. However, the Company is adaptable as to which energy storage technology is used by the projects in which it invests and will monitor projects and may invest in projects with alternative battery technologies such as sodium and zinc derived technologies, or other forms of energy storage technology (such as flow batteries/machines and compressed air technologies), and will consider such investments (including combinations thereof), where they meet the Company’s investment objective and policy.
The Company also intends to invest in ESS Projects which use gas generators or diesel or dual-fuel diesel-and-gas reciprocating generators on projects which have a ‘‘net export’’ connection. These are likely to be generators in the range of 0.5 to 10MW per engine.
The Company invests with a view to holding assets until the end of their useful life. ESS Projects may also be disposed of, or otherwise realised, where the Manager determines in its discretion that such realisation is in the interests of the Company. Such circumstances may include disposals for the purposes of realising or preserving value, or of realising cash resources for reinvestment or otherwise.
The Company intends that the ESS Projects in which it invests primarily generate revenue from in front of meter services, but may also provide behind-the-meter services.
ESS Projects are selected with a view to achieving appropriate diversification in respect of the Portfolio.
First, diversification will be sought by geographical location of the ESS Projects in which the Company invests across Great Britain.
Second, it is the Company’s intention that from the end of the Initial Investment Period, when any new investment is made, no single project (or interest in any project) will have an acquisition price (or, if an additional interest in an existing investment is being acquired, the combined value of the Company’s existing investment and the additional interest acquired shall not be) greater than 20% of Gross Asset Value (calculated at the time of investment). However, in order to retain flexibility, the Company will be permitted to invest in a single project (or interest in a project) that has an acquisition price of up to a maximum of 30% of Gross Asset Value (calculated at the time of acquisition). The Company will also, from the end of the Initial Investment Period, target a diversified exposure with the aim of holding interests in not less than five separate projects at any one time.
Third, the Company intends to achieve diversification by securing multiple and varied revenue sources throughout the Portfolio by investing in ESS Projects which benefit from a number of different income streams with different contract lengths and return profiles through individual ESS Projects, as well as by enabling the ESS Projects in which the Company invests to take advantage of a number of different revenue sources. Initially, it is intended that the main revenue sources will be:
- Firm Frequency Response – the Company intends to invest in ESS Projects that generate FFR revenues from FFR contracts through which the Company and/or its subsidiaries will provide, on a firm basis, dynamic or non-dynamic response services to changes in frequency, to help balance the grid and avoid power outages (‘‘FFR’’) to, initially, be entered into by Noriker with the National Grid and its subsidiaries.
- Asset optimisation – the Company intends to invest in ESS Projects that generate revenues from importing and exporting, or generating and exporting in the case of an ESS Projects including generators, power in the wholesale market and the National Grid-administered Balancing Mechanism (‘‘BM’’).
- Triads and other National Grid-related income – the Company intends to invest in ESS Projects that generate revenues from the three half-hour periods of highest system demand on the Great Britain electricity transmission system between November and February each year, separated by at least ten clear days (‘‘Triads’’) and other National Grid-related income including Generator Distribution Use of System (‘‘GDUoS’’), through which benefits are paid by DNOs to suppliers, which are passed through to electricity generators in their power purchase agreements and the National Grid’s Balancing Use of System (‘‘BSUoS’’), which recovers costs through charges levied on electricity generators and suppliers. In addition, the balancing system produces small half-hourly residual cashflows that are generally negative (a disbenefit to distributed generators) but can be positive (a benefit) and are allocated to suppliers in the same way as BSUoS charges.
- Capacity market – the Company intends to invest in ESS Projects that generate revenues by access to the benefit of contracts, or through entering into new contracts, to provide back-up capacity power to the Electricity Market Reform delivery body via 1 year and 15 year capacity market contracts.
ESS Projects in which the Company invests may diversify their revenue sources further by collaborating with renewable generators or large users of power in close proximity to an ESS Project, or providing availability based services to restore electric power stations or part of electric grids to operation. In such circumstances, the proportion of revenues coming from electricity sales may materially increase from that indicated above. From 2019, ESS Projects in which the Company may invest may also be able to enter into FFR contracts with Distribution System Operators (‘‘DSO’’) and provide reactive power services to the National Grid the timing of which is according to the current emerging DSO model.
Fourth, the Company aims to achieve diversification within the Portfolio through the use of a range of third party providers, insofar as appropriate, in respect of each energy storage project such as developers, EPC contractors, battery manufacturers and landlords. Finally, each ESS Project internally mitigates operational risk because each ESS Project will contain a battery system with a number of battery modules in each stack, each of which is independent and can be replaced separately, thereby reducing the impact on the project as a whole of the failure of one or more battery modules.
ASSET SOURCING
The Fund (or the Company), acquired the Seed Portfolio immediately after Admission and has identified the Exclusivity Portfolio in which the Company may invest, subject to completion of adequate due diligence and contract. Further information on this is provided in Part 9 (Seed Portfolio and Exclusivity Portfolio) of the Prospectus.
OTHER INVESTMENT RESTRICTIONS
The Fund (or the Company), will generally invest in ESS Projects where construction is substantially completed and at such a point that the ESS Project is capable of commercial operations. As a minimum, all ESS Projects will need to have in place a completed lease on satisfactory terms in relation to the land where that ESS Project is situated and an executed grid connection agreement and a certificate confirming completion of commissioning tests (‘‘G59 Certificate’’).
The Company may also provide loan finance to ESS Projects prior to acquisition so that the ESS Projects can acquire equipment prior to construction, provided that no more than 15 per cent. of Gross Asset Value (calculated at the time that finance is provided based on the latest available valuations) may be exposed in aggregate to any such investments. The Company does not intend to invest in listed closed-ended investment funds or in any other investment fund (other than, potentially, in money market funds as cash equivalents) and in any event shall not invest any more than 15 per cent. of its total assets in listed closed-ended investment funds or in any other investment fund.
CASH MANAGEMENT
Uninvested cash or surplus capital may be invested on a temporary basis in:
- cash or cash equivalents, money market instruments, money market funds, bonds, commercial paper or other debt obligations with banks or other counterparties having a ‘‘single A’’ or higher credit rating as determined by any internationally recognised rating agency selected by the Board which, may or may not be registered in the EU; and
- any UK ‘‘government and public securities’’ as defined for the purposes of the FCA Rules.
DERIVATIVES
Derivatives may be used for currency, interest rate and power price hedging purposes for efficient portfolio management. However, the Directors do not anticipate that extensive use of derivatives will be necessary. At the date of the Prospectus, the Fund (or the Company) has not incurred any borrowings or indebtedness or other leverage and has not granted any mortgages, charges or security interests over or in relation to any of its assets.
EFFICIENT PORTFOLIO MANAGEMENT
Efficient portfolio management techniques may be employed by the Fund (or the Company), and this may include (as relevant) currency hedging, interest rate hedging and power price hedging.
LEVERAGE
The Fund (or the Company) does intend to assess its ability to raise debt and is expected to introduce leverage (at the Company level and/or the ESS Project Company level) once sufficient assets have been acquired and to the extent funding is available on acceptable terms. In addition, it may from time to time use borrowing for short-term liquidity purposes which could be achieved through a loan facility or other types of collateralised borrowing instruments. The Company is permitted to provide security to lenders in order to borrow money, which may be by way of mortgages, charges or other security interests or by way of outright transfer of title to the Company’s assets. The Directors will restrict borrowing to an amount not exceeding 50% of the Company’s Net Asset Value at the time of drawdown. There will be no cross collateralisation between the Projects.
INVESTMENT IN DEVELOPERS
The Fund (or the Company) may invest in one or more Developers of ESS Projects through equity issued by the relevant Developer, provided that investment in Developers (calculated at the time of investment) shall be capped at £1 million in aggregate.
Manager and AIFM: Gresham House Asset Management Limited | Corporate Broker and Financial Adviser: Jefferies International Limited |
5 New Street Square London EC4A 3TW | 100 Bishopsgate London EC2N 4JL |
Administrator and Company Secretary: JTC (UK) Limited | Auditor: BDO LLP |
18th Floor The Scalpel, 52 Lime Street London EC3M 7AF | 55 Baker Street London W1U 7EU |
Depositary: INDOS Financial Limited | Registrars and Receiving Agent: Computershare Investor Services Plc |
54 Fenchurch Street London EC3M 3JY | The Pavilions Bridgwater Road Bristol |
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VCTs are a particular type of investment company. They were established by the UK Government with the intention of encouraging investment in smaller, or ‘venture’, UK companies. Investment in VCTs is high-risk and for the long-term. Prospective investors should refer to the detailed risk warnings in the relevant prospectus, but key risks are set out below.
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Company Information
Gresham House is registered in England and Wales under company number 09447087 and has its registered office at 5 New Street Square, London, United Kingdom, EC4A 3TW. Gresham House’s main trading address is at 5 Cheapside, London EC2V 6AA.
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Prospective investors should seek their own independent financial, tax, legal and other professional advice before making a decision to invest.
Some Regulated Information may relate to Alternative Investment Funds within the meaning of the Alternative Investment Fund Managers Directive and the availability of such information will be subject to the registration of the Alternative Investment Fund in relevant jurisdictions as described in the documents relating thereto. Any dissemination or unauthorised use of information or documents obtained from this website by any person or entity is strictly prohibited.
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Gresham House is registered in England and Wales under company number 09447087 and has its registered office at 5 New Street Square, London, United Kingdom, EC4A 3TW. Gresham House’s main trading address is at Octagon Point, 5 Cheapside, London EC2V 6AA.
Disclaimer
Advertisement: The information on these web pages is not a prospectus but an advertisement.
Information on these web pages constitutes a financial promotion and has been issued and approved for the purposes of Section 21 of the Financial Services and Markets Act 2000 (FSMA) by Gresham House Asset Management Ltd (GHAM or Gresham House), of 5 New Street Square, London, United Kingdom, EC4A 3TW, which is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom under firm number 682776. It relates to the placing of ordinary shares in an Alternative Investment Fund (AIF), Gresham House Energy Storage Fund plc (the Company). The Company will not itself be approved or regulated by the FCA. Its alternative investment fund manager, GHAM is appointed as Alternative Investment Fund Manager of the Company.
Certain information contained in this document has been obtained from published sources or provided by other parties. Gresham House has taken reasonable care to ensure that the information contained in this document is fair, clear and not misleading.
The value of any interest or income arising from it may go down as well as up and you may not recoup the amount subscribed.
The Company’s shares trade on the Specialist Fund Segment (the SFS) of the London Stock Exchange plc. The SFS is a segment of the London Stock Exchange’s regulated main market and is designed for highly specialised investment entities that wish to target institutional, highly knowledgeable investors or professionally advised investors only. Any investment is subject to various risks, none of which are outlined in these pages. All such risks should be carefully considered by prospective investors before they make any investment decision.
You are not entitled to rely on the information contained in these pages and no responsibility is accepted by GHAM or Gresham House plc and its subsidiaries and affiliates (the Gresham House Group) or any of their directors, officers, partners, members, employees, agents or advisers or any other person for any action taken on the basis of the content of this document. Neither GHAM, any member of the Gresham House Group, nor any other person undertakes to provide the recipient with access to any additional information or to update this document or to correct any inaccuracies therein which may become apparent. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of GHAM or any member of the Gresham House Group or any of their respective directors, officers, partners, members, employees, agents or advisers or any other person as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions. Past performance is not indicative of future results. The value of investments may fall as well as rise and investors may not get back the amount invested. Changes in rates of foreign exchange may cause the value of investments to go up or down. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided. Prospective investors should seek their own independent financial, tax, legal and other advice before making a decision to invest. The internal rates of return or IRRs presented on a “gross” basis do not reflect any management fees, carried interest, taxes and allocable expenses of the kind that will be borne by investors in a fund, which in the aggregate may be substantial. Prospective investors are reminded that the actual performance realised will depend on numerous factors and circumstances some of which will be personal to the investor. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of GHAM. Such statements involve known and unknown risks, uncertainties and other factors, and reliance should not be placed thereon. In addition, this document contains “forward-looking statements”. Actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. Certain economic and market information contained herein has been obtained from published sources prepared by third parties and in certain cases has not been updated to the date hereof. While such sources are believed to be reliable, neither GHAM,any member of the Gresham House Group nor any of their directors, partners, members, advisers, officers, employees, advisers or agents assumes any responsibility for the accuracy or completeness of such information. No person, especially those who do not have professional experience in matters relating to investments, must rely on the contents of this document. If you are in any doubt as to the matters contained in this document, you should seek independent advice where necessary. This document is not an approved prospectus within the meaning of section 85 of FSMA, and no such prospectus has been published. This document has not been submitted to or approved by the securities regulatory authority of any state or jurisdiction. For the Attention of United Kingdom Investors This document is intended for distribution in the United Kingdom only to persons who: (i) have professional experience in matters relating to investments, (ii) who are investment professionals, high net worth companies, high net worth unincorporated associations or partnerships or trustees of high value trusts, and (iii) investment personnel of any of the foregoing (each within the meaning of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005).
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