Gore Street, an energy storage company, is looking to earn £75 million through an ordinary share issue. The money will be used to buy and build new projects in the company’s pipeline.
Gore Street has identified a pipeline of investments in the UK and globally with a total project size of over 1.3GW, providing significant geographical portfolio diversification.
By way of an initial placing, initial offer for subscription, and initial intermediaries offer, the firm aims to issue 68,181,818 new ordinary shares at a price of 110 pence per ordinary share.
According to Gore Street, the initial issuance could be upscaled depending on demand and board discretion.
The company’s investment manager and CEO of Gore Street Capital, Alex O’Cinneide, said “As predicted since Gore Street’s IPO in 2018, the demand for energy storage has continued to grow exponentially in the UK, Ireland and internationally.”
“The importance of energy security and the need to rapidly decarbonise global economies is more important than ever before.”
“Reflecting these trends, we are screening and executing ever larger transactions and have now built a portfolio with an aggregated capacity of over 700MW.”