Battery giant Gresham House Energy Storage Fund records soaring revenue of 170 per cent
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Battery storage giant Gresham House Energy Storage has recorded soaring revenue of 170 per cent for 2021, with £80.4m of profit.
Publishing its third annual set of results since listing on the London Stock Exchange, it announced EBITDA (earnings before interest, taxes, depreciation, and amortiSation) of more than £42m, up 172 per cent.
This comes after the war in Ukraine has put pressure on the UK’s energy supplies, as it looks to wean itself off fuel from Moscow.
Gresham House’s chair John Leggate said: “The Board and Investment Manager are closely following the global response to Russia’s military intervention in Ukraine, and the ensuing humanitarian crisis, as well as considering the potential impact on financial markets, energy security considerations, power price volatility and the Company’s business model”.
“In terms of impact on the Company’s longer-term outlook, for the moment, the indications are pointing towards a much faster rollout of renewable energy globally with an associated increasing demand for energy storage projects.”
It also announced £49n invested in 110MW of operational capacity, and eight projects, totalling a further 415MW, under construction as of 31 December 2021.