California now has 6.6GW of battery energy storage systems (BESS) online, while Gore Street has secured US$60 million in financing for its 400MWh project in the state.

Company valuations and developer premiums for project sales have come down in the UK market amidst rising financing costs and plummeting revenues.

Energy storage funds managed by UK-based Gore Street Capital and Gresham House increased their net asset value (NAV) per share in 2022, but by very different rates.

UK-listed Gore Street Energy Storage Fund has acquired its first asset in California, a 200MW/400MWh battery energy storage system project from developer Avantus.

Despite macroeconomic challenges, Gore Street’s asset value surged 45% over six months as ancillary service revenues stayed strong.

Gore Street has acquired a portfolio of eight energy storage assets in Texas.

Gore Street has completed the acquisition of a 90% stake in a 28MWh operational energy storage asset in Cremzow, Germany.

Gore Street Energy Storage Fund, one of two stock exchange-listed investment funds in the UK dedicated to energy storage, is proposing a new issue of ordinary shares at 102 pence (US$1.41) per share to raise further capital for its development pipeline of 1.3GW.

NEC Energy Solutions has been selected by the UK’s first listed fund targeting energy storage to deliver two projects totalling 19MW, including what could be the largest behind the meter installation in the country.