ClimateTicker

Gresham House Energy Storage Fund

LSE: GRID62Credible Contributor· Provisional
0 followersEnergy storage·London, UK·Founded 2018
greshamhouse.com/real-assets/energy-transition-investment/gresham-house-energy-storage-fund-plc/

UK's largest listed fund investing in utility-scale battery energy storage systems, operating over 1 GW of BESS capacity across Great Britain and internationally.

62/100
Credible Contributor· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: lowData confidence: medium

Why it's on ClimateTicker

Gresham House Energy Storage Fund (GRID) is the UK's largest listed fund deploying utility-scale BESS, a genuine physical enabler of renewable integration that displaces fossil 'peaker' plants and provides real-time grid balancing services. The core business is authentically climate-positive — more storage capacity directly reduces curtailment of wind and solar and lowers the call on gas. However, the fund itself carries no SBTi-validated targets, lacks CDP disclosure, and its supply-chain ESG (battery mineral sourcing, end-of-life recycling) remains a policy commitment rather than a verified programme.

enablerGRID raises listed-equity and project-debt capital, acquires and operates utility-scale BESS sites across Great Britain, and earns revenues from frequency-response contracts, wholesale energy trading, capacity-market agreements, and tolling arrangements with third-party optimisers such as Octopus Energy.

Commitments & Certifications

other: Awarded ↗

Controversy & Greenwashing Watch

lowBattery supply-chain ESG risks unresolved

The manager acknowledges supply-chain sustainability (mineral sourcing, Uyghur Forced Labour Prevention Act exposure) as a key risk requiring policy updates, but no independently verified responsible-sourcing programme has been published as of 2024.source ↗

lowNESO skip-rate underutilisation of BESS

Very high 'skip rates' by the UK National Energy System Operator (NESO) — bypassing available BESS in favour of gas dispatch — materially reduced revenues and demonstrated that the climate benefit of deployed capacity is currently being partially blocked by market design failures.source ↗

mediumSustained NAV discount and dividend suspension

GRID's share price fell more than 60% from its 2022 peak, the fund swung to a £110 million loss in 2023, suspended its dividend in early 2024, and shares remained at a ~34% discount to NAV as of mid-2026, reflecting structural weakness in UK BESS merchant revenues.source ↗

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