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Gore Street Energy Storage Fund plc raises £73.6mln in oversubscribed placing

Gore Street Energy Storage Fund PLC (LSE:GSF) announced it has raised £73.6mln in an oversubscribed placing.

The fund manager placed 67.8mln shares under the placing and 927,396 under the PrimaryBid offer at 107p per share.

READ: Gore Street Energy Storage Fund acquires construction-ready project in Leicester

The firm said it received demand beyond the available shares so it scaled back the applications received.

The proceeds will be used in a pipeline of over 1-2.5GWh of opportunities, including a 2GWh active pipeline across North America and Western Europe, of which 160MWh is currently under exclusivity.

” We are looking forward to allocating the new capital resources against our significant pipeline of attractive international opportunities, including a number currently under exclusivity, as we continue to reinforce our leadership as the category-defining company in this space,” said Alex O’Cinneide, chief executive of Gore Street Capital, the company’s investment manager.

“We remain focused on aggressively capturing the market opportunity in front of us, in particular with expected large growth across Europe and the US.”

Shares were changing hands for 108.7p on Thursday afternoon.

Read More: Gore Street Energy Storage Fund plc raises £73.6mln in oversubscribed placing

2021-09-30 07:20:00

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