Gresham House Energy Storage Fund (GRID) has raised £8.6 million in third-party equity financing to support the expansion of its Glassenbury Battery Storage projects in Kent, marking what the company describes as a first-of-its-kind equity injection tied to battery augmentation for a listed energy storage fund.
The funding will be used to increase the total energy capacity of the combined 50-megawatt Glassenbury A and B sites from 38 megawatt-hours (MWh) to 110 MWh, extending their operational duration to 2.2 hours. The projects are located in Hartley, Kent.
The equity investment was secured through a new share issuance in Glassenbury Battery Storage Ltd at a valuation equal to the project’s net asset value. Prior to the transaction, the company was wholly owned by GRID. Following the deal, UAB E Energy Invest (EEI) now holds a 35% stake, with GRID retaining the remaining 65%.
EEI is the investment vehicle of the Strioga Family Foundation, which originates from the Lithuania-based renewables group E Energija.
“We are delighted to close this deal with EEI to invest equity into Glassenbury,” said John Leggate CBE, chair of Gresham House. “This transaction is believed to be the first augmentation-driven equity injection at project level for a listed BESS fund.”
He added: “This unlocks an innovative path to raising equity funds at a project level for GB BESS and supports GRID’s continued progress in delivering on our declared growth strategy.”
Planning approval for the project is already in place, with construction and battery supply agreements expected to be finalised in the coming weeks. GRID anticipates construction to begin in early July, with completion targeted for December 2025.
