First energy storage investment fund announced
Written by Mark Evans
The world’s first listed investment fund solely for energy storage has been announced, with a proposed float in London of GBP100m.
Gore Street will invest in arrays of lithium ion batteries, such as those made by Tesla, powered by renewable sources that can make energy available to the National Grid.
The company is clear that it is essentially selling energy storage, not energy itself, thus the fund will not suffer fluctuations in electricity prices, but help smooth supply from the intermittent nature of renewable sources to help meet demand from applications such as electric cars.
Gore Street intends to be primarily located in the UK (currently has sites in Yorkshire, Wales and Essex) but may consider projects in North America and Western Europe as later developments.