THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU 596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

24 June 2025

Gresham House Energy Storage Fund plc

("GRID" or the "Company")

Glassenbury £8.6mn Equity Funding at Project NAV[1]

Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest listed fund investing in utility-scale battery energy storage systems (BESS), is pleased to announce that it has successfully completed a third-party equity funding of £8.6 million in Glassenbury Battery Storage Ltd. The funds will be used to finance the augmentation of its combined 50MW Glassenbury projects ("Projects") to 110MWh, a 2.2-hour duration.  

The funds have been raised through a new equity issuance at a valuation equal to the Projects' Net Asset Value¹. This completes the transaction first announced at GRID's Capital Markets Day in November 2024.

Transaction details

Glassenbury Battery Storage Ltd ("Glassenbury"), which owns the Glassenbury A (40MW) and Glassenbury B (10MW) projects in Hartley, Kent, and was indirectly 100% owned by GRID prior to this transaction, has issued new shares to UAB E Energy Invest ("EEI"). Following this transaction, EEI will own 35% of Glassenbury and GRID will continue to indirectly own the remaining 65%.

EEI is the investment vehicle of the Strioga Family Foundation, which has evolved from the 30-year family-owned business E Energija, a renewable energy company with the mission to finance and foster the sustainable growth of renewables to fight climate change. Further information on the Strioga Family Foundation and E Energija is detailed at the end of this announcement.

Proceeds from the equity funding will be used to increase Glassenbury's battery capacity from 38MWh to 110MWh, an average duration of 2.2 hours. Planning permission has been granted, and construction and battery supply agreements are due to be signed shortly. GRID expects construction works to begin in early July and they are due to complete in December 2025.

Once completed, Glassenbury's augmentation is expected to increase GRID's share of the EBITDA from this project by c.22% over the project's life. The pre-money valuation at which shares have been issued reflects the valuation as of 31 December 2024¹, which was reflected in GRID's audited NAV at that date.

Consequently, deal completion and site augmentation is expected to provide a net present value uplift to GRID. This will be reflected in the Company's 30 June 2025 NAV, which will be published in September 2025.

John Leggate CBE, Chair of Gresham House Energy Storage Fund plc, commented:

"We are delighted to close this deal with EEI to invest equity into Glassenbury. This transaction is believed to be the first augmentation-driven equity injection at project level for a listed BESS fund. The funds from this transaction will be used to augment one of our shortest duration assets to over two hours, substantially increasing the value of Glassenbury. This unlocks an innovative path to raising equity funds at a project level for GB BESS and supports GRID's continued progress in delivering on our declared growth strategy. Most importantly this approach will create further value for our shareholders."

Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc & Managing Director of Gresham House Energy Transition, said:

"We are very pleased to complete this transaction with EEI. Equity injections at a project level are an effective way to enable augmentation of projects and create significant value. Selling a stake in a project at NAV to an independent third party also underpins the up-to-date valuation of GRID's portfolio.

Funding the augmentation of our Glassenbury projects to over two hours will significantly increase these projects' revenues and the value attributable to GRID's shareholders, benefits which will begin to be reflected within our 30 June 2025 NAV.

This is a signpost for further value creation: upon completion of GRID's debt refinancing, due soon, we will embark on another seven augmentations in 2025 and early 2026, funded through the refinancing, which together, we believe, will add meaningfully to the portfolio's EBITDA and value in absolute and per share terms."

For further information, please contact:

About the Company and the Manager

Gresham House Energy Storage Fund plc seeks to provide investors with an attractive and sustainable dividend over the long term by investing in a diversified portfolio of BESS located in Great Britain and internationally. In addition, the Company seeks to provide investors with the prospect of capital growth through the re-investment of net cash generated in excess of the target dividend in accordance with the Company's investment policy.

The Company targets an unlevered Net Asset Value total return of 8% per annum and a levered Net Asset Value total return of 15% per annum, in each case calculated net of the Company's costs and expenses.

Gresham House Asset Management Ltd (the "Manager") is the FCA authorised operating business of Gresham House Ltd, a specialist alternative asset manager. Gresham House Ltd is committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.  

www.greshamhouse.com

About the Strioga Family Foundation

The Strioga Family Foundation has been founded to finance renewable energy projects, particularly those involving wind and BESS. It aims to bridge funding gaps, enabling projects to achieve operational readiness and scale the impact of the Strioga Family Foundation in promoting sustainable energy solutions and addressing climate change challenges. The foundation has dedicated 100 million euros for investments into renewables during the upcoming years.

About E Energija

E Energija is a renewable energy project developer, headquartered in Vilnius (Lithuania), scaling its renewable energy project portfolio across the Baltic region and Poland. The group has completed over 500 MW of wind, biomass and PV projects and has a pipeline of another 500 MW of wind, hybrid and BESS projects under development with the largest privately financed battery energy storage system in Lithuania, the 120 MWh Vilnius BESS, to be launched by the end of 2025.

More information at www.e-energija.lt

Definition of utility-scale battery energy storage systems (BESS)

Utility-scale battery energy storage systems (BESS) are the enabling infrastructure that will support the continued growth of renewable energy sources such as wind and solar, essential to the UK's stated target to reduce carbon emissions. They store excess energy generated by renewable energy sources and then release that stored energy back into the grid during peak hours when there is increased demand.

DISCLAIMERS

This announcement has been prepared for information purposes only. This announcement does not constitute a prospectus relating to the Company and does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer  to subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor. The merits or suitability of any securities must be independently determined by the recipient on the basis of its own investigation and evaluation of the Company. Any such determination should involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of the securities.

This announcement may not be used in making any investment decision in isolation. This announcement on its own does not contain sufficient information to support an investment decision and investors should ensure that they obtain all available relevant information before making any investment. This announcement does not constitute or form part of and may not be construed as an offer to sell, or an invitation to purchase or otherwise acquire, investments of any description, nor as a recommendation regarding the possible offering or the provision of investment advice by any party. No information in this announcement should be construed as providing financial, investment or other professional advice and each prospective investor should consult its own legal, business, tax and other advisers in evaluating the investment opportunity. No reliance may be placed for any purposes whatsoever on this announcement or its completeness.

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Any investment in the Company is speculative, involves a high degree of risk, and could result in the loss of all or substantially all of their investment. Results can be positively or negatively affected by market conditions beyond the control of the Company or any other person. Any data on past performance contained herein is no indication as to future performance and there can be no assurance that any targeted or projected returns will be achieved or that the Company will be able to implement its investment strategy or achieve its investment objectives. Any target returns published by the Company are targets only. There is no guarantee that any such returns can be achieved or can be continued if achieved, nor that the Company will make any distributions whatsoever. There may be other additional risks, uncertainties and factors that could cause the returns generated by the Company to be materially lower than the target returns of the Company.

The information in this announcement may include forward-looking statements, which are based on the current expectations, intentions and projections about future events and trends or other matters that are not historical facts and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereof) or other variations thereof or comparable terminology. These forward-looking statements, as well as those included in any related materials, are not guarantees of future performance and are subject to known and unknown risks, uncertainties, assumptions about the Company and other factors, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur and actual results may differ materially from those expressed or implied by such forward looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.

Jefferies and Peel Hunt, which are authorised and regulated by the Financial Conduct Authority in the United Kingdom, are acting only for the Company in connection with the matters described in this announcement and are not acting for or advising any other person, or treating any other person as their client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Jefferies or Peel Hunt (as applicable), or advice to any other person in relation to the matters contained herein. Neither Jefferies, Peel Hunt, nor any of their directors, officers, employees, advisers or agents accept any responsibility or liability whatsoever for this announcement, its contents or otherwise in connection with it or any other information relating to the Company, whether written, oral or in a visual or electronic format. Each of the Company, the Manager, Jefferies, Peel Hunt and their affiliates and their respective officers, employees and agents expressly disclaim any and all liability which may be based on this announcement and any errors therein or omissions therefrom.

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