92. Bull, Bear & Beyond – Gresham House Energy Storage Fund in 60 seconds

Edison recently published a note on Gresham House Energy Storage Fund, known by its ticker, GRID. GRID is the largest owner and operator of battery energy storage systems in the UK. Its operational portfolio represents 17% of the market in megawatt terms. This is more than twice the market share of its nearest competitor. GRID’s annual results for the year ended December 2024 confirm that after a tough start to the year for GRID and its competitors, the company’s response to these challenges has significantly improved its prospects. Revenues have risen and look set to increase further, the fundamentals of the battery energy storage sector remain extremely supportive, and GRID’s manager is focused on capitalising on the growth opportunity this presents. The company’s threeyear plan to significantly increase both revenues and operational capacity, and reinstate its dividend, will move into full swing in the second half of 2025, once refinancing negotiations are finalised. GRID’s share price discount to NAV has begun to narrow, but the company’s positive outlook suggests the potential for further discount narrowing.

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Original interview published on 03/06/2025 and reposted as a podcast