(Alliance News) - Gresham House Energy Storage Fund PLC on Thursday reported a lower net asset value but touted optimism in its outlook and raised its dividend.
The investor in utility-scale operational battery energy storage systems in Great Britain said NAV per share as at June fell to 146.66 pence each from 156.61p at March 31 and from 155.51p at December 31.
NAV total return was negative 3.5%, compared to positive 27% a year prior, driven by a 15.5p decline from lower third-party revenue forecasts.
The company declared a dividend of 1.8375 pence per share for the quarter to June 30, up from 1.75p a year prior.
Fund Manager Ben Guest said: "The energy storage market is going through a first phase of maturity as the small frequency response market becomes saturated - something we have expected for years. The exciting, much larger trading opportunity is ahead of us and is the reason battery energy storage systems are being built at scale."
Gresham House Energy Storage Fund shares fell 4.1% to 127.60 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News reporter
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Gresham House (GRID)