Gore Street secures GBP30.9m commitment for storage fund

The Gore Street Energy Storage Fund plc has secured GBP30.9 million (US$37.6 million) investment after the launched combined fundraising campaign. 

The Fund raised GBP5.91 million (US$7.15 million) gross from an initial placing of 3.82 million ordinary shares and the sale of 2.68 million ordinary shares under an offer for subscription for GBP 0.91 (US$1.1) apiece. It has also secured investment from Ireland’s National Treasury Management Agency (NTMA) of GBP25 million (US$31.2 million) after it has subscribed for 1.62 million of ordinary shares. NEC Energy Solutions subscribed 1.1 million of ordinary stock.