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Gresham House Energy Storage Fund PLC on Tuesday reported a higher net asset value, touting investments in battery energy storage systems, or BESS.
NAV per share rose 24% to 145.11 pence per share at June 30 from 116.86p at December 31, 2021. NAV total return was 27%, the London head-quartered battery storage fund reported. Total net assets grew to £785.4 million from £511.7 million.
Gresham declared a 3.5p interim dividend per share, unchanged from a year ago.
Looking ahead, Chair John Leggate stated: ‘The outlook for the company remains exciting and the manager remains focused on future growth opportunities. International markets are starting to open up for BESS investment, with regulatory changes and growing renewable penetration echoing the development seen in the UK, and the fund is ready to take advantage of this opportunity.’
Ben Guest, fund manager of the firm, said: ‘The rate of deployment of BESS continues to lag the deployment of renewables in Great Britain and this will continue to underpin revenues for the sector for years to come. However, while this backdrop is positive it is important for the industry to acknowledge the need for the rate of deployment of BESS to accelerate.’
Gresham shares were 0.4% higher at 161.24 pence each in London on Tuesday morning.
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