(Alliance News) - Gresham House Energy Storage Fund PLC on Tuesday said it has raised GBP31.2 million through the placing of 30 million shares at 104 pence each.
The stock was trading flat at 104.50 pence each on Tuesday afternoon in London.
In February, the renewable energy investor said it intended to raise up to GBP30 million to buy a newly identified, but undisclosed, asset. It also said that proceeds will be used to extend its asset at Glassenbury, Kent by 10 megawatts.
"Gresham House Energy is on a journey to build scale in energy storage. It is already a leader in the sector and expects nearly to double its grid connection capacity to over 330 megawatts during 2020. This fundraise is an important step in that direction," said Chair John Leggate.
Following admission of the placing shares, the company's issued share capital will comprise 234.3 million shares.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Gresham House (GRID)