THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

 12 April 2022

Gore Street Energy Storage Fund plc

(the "Company" or "Gore Street")

Results of Upscaled and Oversubscribed Initial Issue

Key highlights:

·    Gross proceeds of £150 million raised from the issue of 136,363,636 new Ordinary Shares at 110 pence per Ordinary Share by way of an Initial Placing, Initial Offer for Subscription and Initial Intermediaries Offer

·    The Initial Issue was significantly oversubscribed above the £150 million upper limit

·    Due to this significant level of demand, the Board, after consultation with the Investment Manager and the Joint Bookrunners determined to increase the target size of the Initial Issue from gross proceeds of £75 million to the maximum amount previously announced of £150 million. The Initial Issue was subject to scale back

·    Net proceeds will be deployed towards the Company's significant pipeline of over 1.3GW

Gore Street, London's first listed energy storage fund supporting the transition to low carbon power, is pleased to announce that further to the announcement on 29 March 2022, the Company has raised gross proceeds of £150 million by way of an Initial Placing, Initial Offer for Subscription and Initial Intermediaries Offer (the "Initial Issue"). Institutional and retail investor demand was considerable and substantially more than £150 million was raised in the Initial Issue and was therefore subject to scale back.

As a result of the strong level of support from both institutional and retail investors, and taking into account the Company's acquisition pipeline, the Board, after consultation with the Investment Manager and the Joint Bookrunners has determined to increase the target size of the Initial Issue from gross proceeds of £75 million to £150 million. Accordingly, the Initial Issue will result in the issue of 136,363,636 new Ordinary Shares at the Issue Price of 110 pence per share.

The net proceeds of the Initial Issue will be used to acquire and construct new projects in the Company's pipeline. The Investment Manager has identified a pipeline of investments with a total project size of approximately 1.3GW comprising 900 MW in GB, 375 MW in North America and 100 MW in Europe. The Investment Manager remains confident in its ability to deploy the net proceeds of the Initial Issue to its broad pipeline of investment opportunities in a timely manner.

Applications have been made to the FCA for the 136,363,636 new Ordinary Shares issued pursuant to the Initial Issue to be admitted to the premium segment of the Official List and to the London Stock Exchange for the new Ordinary Shares to be admitted to trading on its main market for listed securities. Admission is expected to become effective, and dealings in the new Ordinary Shares are expected to commence, at 8.00 a.m. on 14 April 2022. Following Admission, the new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares.

Immediately following Admission, the Company's issued share capital will comprise 481,399,478 Ordinary Shares, none of which will be held in treasury. Each Ordinary Share carries the right to one vote and, therefore, the total number of voting rights in the Company on Admission will be 481,399,478. This figure may be used by Shareholders and other investors as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

The new Ordinary Shares will be entitled to receive the next quarterly dividend for the period to 31 March 2022.

Any capitalised terms used but not otherwise defined in this announcement have the meaning set out in the Prospectus published by the Company on 29 March 2022.

Alex O'Cinneide, CEO of Gore Street Capital Limited, the Company's investment manager, commented: 

"We are delighted by the continued support from our existing shareholders for this fundraise and we welcome all of the new shareholders to the Company, as we plan to grow Gore Street further and take advantage of potential new investments from our compelling pipeline of domestic and international opportunities. Since defining this category the Company has grown over 18x since IPO in May 2018, and our ongoing leadership in this sector consistently drives the development of this asset class. We are uniquely situated with operational assets in four high growth markets, with the recent acquisitions in Germany and the US being a testament to that increasing international portfolio opportunity adding further diversification to our revenue base. This, combined with our continued focus on acquisition pricing discipline and strength of revenues per MW/h all support Gore Street in the delivery of our targeted 7% dividend yield for shareholders.

"The further headroom created by this oversubscribed fundraise will enable the Company to continue to pursue attractive opportunities globally, and we look forward to updating shareholders on our progress in due course."

The Legal Entity Identifier of the Company is 213800GPUNVGG81G4O21.

For further information:

Buchanan (Media enquiries)

JTC (UK) Limited, Company Secretary                                   Tel: +44 (0) 20 7409 0181

Disclaimer

This announcement has been issued by, and is the sole responsibility of, Gore Street Energy Storage Fund plc (the "Company").

This announcement is for information purposes only and is not intended to and does not constitute or form part of any offer or invitation to purchase or subscribe for, or any solicitation to purchase or subscribe for shares, in or into any jurisdiction in which such an offer or solicitation is unlawful.

This announcement 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.

Each of Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited (together "Shore Capital"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, and J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove ("J.P. Morgan Cazenove") and which is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation Authority and the FCA, is acting exclusively for the Company and for no-one else in relation to the Initial Issue, the Share Issuance Programme or any Admission and the other arrangements referred to in this announcement. Neither Shore Capital nor J.P. Morgan Cazenove will regard any other person (whether or not a recipient of this announcement) as its client in relation to the Initial Issue, the Share Issuance Programme or any Admission and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing any advice in relation to the Initial Issue, the Share Issuance Programme or any Admission, the contents of this announcement or any transaction or arrangement referred to herein. Apart from the responsibilities and liabilities, if any, which may be imposed on Shore Capital or J.P. Morgan Cazenove by the FSMA or the regulatory regime established thereunder, neither Shore Capital nor J.P. Morgan Cazenove makes any representation express or implied in relation to, nor accepts any responsibility whatsoever for, the contents of this announcement or any other statement made or purported to be made by it or on its behalf in connection with the Company, the Shares, the Initial Issue, the Share Issuance Programme or any Admission. Each of Shore Capital and J.P. Morgan Cazenove accordingly, to the fullest extent permissible by law, disclaims all and any responsibility or liability whether arising in tort, contract or otherwise which it might have in respect of this announcement or any other statement.