Gresham House Energy Storage Fund (LON: GRID), the UK’s largest listed fund investing in utility-scale battery storage, said net asset value per share rose 15.8% to 131.30p at the end of June, sending shares to a new 52-week high in early trade.
GRID shares opened today at 101p, up from yesterday’s close of 98.1p, and touched an intraday high of 103.5p, a new 52-week high.
Chair John Leggate CBE said the half-year progress reflected “a 15.8% NAV increase to 131.30p per share, reinforced by higher revenues and double-digit EBITDA growth.” But the fund’s own breakdown shows 14.33p of the 17.96p total NAV increase, around 80%, came from revaluing newly-financed projects totalling 397MW from cost basis to a discounted cash flow basis, an accounting reclassification triggered when the projects reached financial close in May.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Underlying trading was more mixed. Portfolio revenue rose 9.5% year-on-year to £34.7mn and EBITDA, earnings before interest, tax, depreciation and amortisation, rose 14.5% to £23.5mn. But revenue per operational megawatt fell to £63,200 from £75,100 a year earlier as merchant power markets weakened. Management applied a fresh short-term haircut to its 2026-2030 merchant revenue forecasts in the second quarter to reflect the softer trading backdrop.
Markets appear to be rewarding the NAV growth and reduced risk profile rather than an improvement in trading. Contracted revenue, mainly from tolling agreements, rose to 61% of total revenue from 35% a year earlier, even as the operating environment for battery storage in Great Britain remains difficult.
GRID is due to publish its full interim results for the first half on 23 September.
