Gresham House Energy Storage raises £100m to fund pipeline projects – Gresham House Energy Storage (GRID) has raised gross proceeds of £100m through the issue of 89,285,714 ordinary shares of 1p per share following a placing announced earlier this month. The placing was significantly oversubscribed and a scaling back exercise was undertaken.
GRID intends to use the net proceeds to finance the construction of the two remaining BESS Projects from its current pipeline totalling 150MW (Grendon and Penwortham) and 90MW from its subsequent pipeline (Stairfoot and Project Y).
John Leggate CBE, chair of Gresham House Energy Storage, said: “Strong investor demand means we can commit to further developing our pipeline thereby creating greater diversification and scale for our shareholders, while maintaining capital discipline. We are extremely grateful to our investors for their trust in GRID, and excited about the value that our installed capacity and growth strategy is expected to deliver.”
A total of 89,285,714 new ordinary shares will be issued and admitted to trading on the specialist fund segment of the London Stock Exchange’s main market. Admission and dealings are expected to commence at 8am on 14 July 2021. The shares will rank pari passu in all respects with the existing ordinary shares, including the right to receive all dividends and other distributions declared, made or paid after the date of admission.
GRID : Gresham House Energy Storage raises £100m to fund pipeline projects