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(Alliance News) - Gresham House Energy Storage Fund PLC on Friday said it has raised GBP41.6 million through a share placing to acquire assets in its pipeline, once the appropriate development milestones have been reached.
It is expected that the company's cash resources will be fully deployed by the end of the first quarter of 2020, Gresham House Energy Storage Fund said.
The investment firm said it issued 40.4 million shares at a price of 103 pence each.
Gresham House Energy Storage Fund shares were trading 0.3% lower on Friday in London at 103.68 pence each, giving it a market capitalisation of GBP169.9 million.
Following the admission, the company will have 200.0 million shares overall.
"The fund is now firmly established as the leading player in the UK grid level energy storage space and has established a strong platform to build on the excellent progress we have already achieved," said Chair John Leggate.
"We believe that energy storage has significant potential from an institutional investment standpoint and is the key to the renewable energy future in the UK," added Leggate.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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