GreshamHouse Fund Sees Strong Growth in Energy Storage Revenue in 2022

Although the UK battery storage market is growing slowly, it has helped GreshamHouse Energy Storage Fund to improve the performance of its portfolio, leading to strong growth in the company's energy storage business earnings in 2022.

Glassenbury is one of the early battery storage projects to join GreshamHouse's portfolio

In its financial results for the year ended December 31, 2022, London Stock Exchange-listed investor GreshamHouse Energy Storage Fund disclosed that earnings before interest, taxes, depreciation and amortization (EBITDA) of its underlying portfolio rose by 23.2% to 4,880 million pounds ($60.67 million).

The company said its strong performance was due to a shortage of battery storage systems that provide critical frequency response services, keeping prices high for its services.

The company's net asset value (NAV) also increased to 155.51p ($1.93) per share, up 33.1% from 116.86p per share on Dec. 31, 2021.

According to a financial report released by the GreshamHouse Energy Storage Fund, the biggest challenges facing energy storage deployments in its portfolio are long lead times and complexities associated with connecting energy storage projects to the grid.

The company noted that despite higher revenues in 2022, it has not yet experienced potential cost declines, such as those related to insurance, as forecast.

John Leggate CBE, chairman of GreshamHouse Energy Storage Fund, said, "We further build on our strong track record in 2022, delivering significant growth in earnings, operating capacity and net asset value per share, while delivering energy storage projects as they become operational. The full dividend has been maintained. The strong growth of the GreshamHouse Energy Storage Fund business in 2022 puts us in a very good position now to capitalize on our additional battery storage opportunities in the UK and international markets.”