ClimateTicker

Gore Street Energy Storage Fund

LSE: GSF55Mixed / Improving· Provisional
0 followersEnergy storage·London, UK·Founded 2018
www.gsenergystoragefund.com

London's first listed energy storage fund and one of the principal owners and operators of utility-scale battery facilities across Great Britain, Ireland, and Western Europe.

55/100
Mixed / Improving· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: lowData confidence: medium

Why it's on ClimateTicker

Gore Street Energy Storage Fund (GSF) owns and operates utility-scale battery energy storage systems (BESS) across Great Britain, Ireland, Germany, and the US, providing genuine grid-balancing services that enable higher penetration of variable renewable energy — a structurally sound climate-mitigation role. Its self-reported avoided-emissions figures (11,970 tCO2e per year) are modest relative to portfolio scale and lack independent third-party verification, and the fund has no SBTi-validated targets. The core business is legitimately green, but disclosure quality and governance credibility have both come under pressure in 2024–2025.

mitigationGSF earns revenue by dispatching utility-scale lithium-ion batteries into ancillary services markets, wholesale energy trading, and capacity mechanisms across five grid networks; it is externally managed by Gore Street Capital and listed on the London Stock Exchange Premium Segment.

Commitments & Certifications

other: Signatory ↗other: Aligned / Article 8 product ↗other: Reporting aligned ↗

Controversy & Greenwashing Watch

lowTexas and GB market revenue materially below expectations

GSF's Texas asset (Dogfish) underperformed revenue expectations by ~90%, and its Enderby (GB) asset faced technical delays preventing full operations, both contributing to sharp NAV declines and a £51m write-down in late 2025.source ↗

mediumShareholder board-review requisition over governance and underperformance

Long-term shareholder RM Funds formally requisitioned a general meeting in mid-2025, citing sustained underperformance, a ~37–41% share-price discount to NAV, and 'ongoing concerns regarding governance and strategic direction,' resulting in board refreshment, fee cuts, and an independent strategy review.source ↗

mediumDividend cuts and capital-funded payouts (2022–2025)

Over three years GSF cut its dividend multiple times and at points funded distributions partly from capital rather than income, with NAV per share in late 2025 falling below its June 2018 IPO level — eroding investor credibility.source ↗

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