UK’s Gresham House says first-half 2024 results hit by ‘especially difficult market conditions’

By Kit Million Ross
LinkedIn
Twitter
Reddit
Facebook
Email

UK battery energy storage system (BESS) investment fund Gresham House Energy Storage Fund has announced its half-year results to the end of June 2024.

Operational capacity in MWh increased 46% year-over-year for the London Stock Exchange-listed fund, hitting 931MWh during the results period and crossing the 1GWh milestone shortly after the period ended. In MW, operational capacity rose to 790MW, up 34% from June 2023’s 590MW.

However, despite this capacity growth, operational portfolio revenues decreased 12.8% year on year, falling from £20.5 million (US$27.23 million) in June 2023 to £17.9 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA) declined from £13.8 million to £10.4 million, with Gresham House blaming this 23.9% drop on “especially difficult market conditions” in the first quarter of this year. Net asset values also declined over H12024, dropping 19.91p to hit 109.16p per share.

Gresham House Energy Storage Fund has had something of a turbulent year, alongside other major players in the BESS sector. In a trading update in February this year, the company stated the UK BESS market was suffering from a “weak revenue environment”, a fact confirmed in April by the release of its audited annual results which showed the fund swinging to a £110 million loss from a £217 million profit the previous year. The fund made the decision to pause shareholder dividends, a choice also made by fellow investment fund Harmony Energy Income Trust.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

However, there may be good news on the horizon for Gresham House, as net revenues in July and August averaged at the highest levels of the year so far, roughly 25% higher than average net revenues in H12024.

Additionally, several major projects are set to go through energisation and commissioning in October and November this year, including the 40MW/80MWh Shilton Lane project, the 50MW/100MWh Elland project, and the augmentation of the Penwortham system, which will gain an additional 50MWh. The Melksham project in Wiltshire has begun its augmentation and is expected to begin operating with 150MWh in October before being expanded to 200MWh in December.

To read the full version of this story, visit Solar Power Portal.

Read Next

Premium
August 6, 2025
The UK had its busiest month of the year so far in July for large-scale BESS project planning consents, with over 5GW/10GWh approved.
August 5, 2025
CATL, the world’s biggest lithium-ion OEM, saw flat ESS revenues in the first half of the year, but the extent to which this can be blamed on the increased US-China tariffs, if at all, is far from clear.
July 31, 2025
US zinc battery and energy storage system maker Eos Energy Enterprises has reported year-on-year revenue growth of 243% from the first half of 2024.
July 31, 2025
We look at which BESS suppliers have supplied which UK project owner-operators, with data from our Market Research colleagues.
July 29, 2025
Tesla energy storage division saw its highest quarterly gross profits as the company’s automotive business continued to see dampened demand.

Most Popular

Email Newsletter