Response to PrimeStone Capital LLP letter

Gresham House Energy Storage Fund

15 September 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

15 September 2026

Gresham House Energy Storage Fund plc

(GRID or the Company)

Response to PrimeStone Capital LLP letter

Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest fund investing in utility-scale battery energy storage systems (BESS), updates the market on its response to the public letter published by PrimeStone Capital LLP ('PrimeStone') on 30 June 2026.

The Board has undertaken an extensive consultation with shareholders over the summer. Overall, shareholders expressed strong support for the Company and its current strategy.

After engagement with its financial advisers, and with full awareness of the current market dynamics and macro environment, the Board has concluded that initiating a formal sale process for the Company now would not be in the best interests of shareholders. In reaching this conclusion the Board took into consideration that:  

·	the current strategy, as set out at the November 2024 Capital Markets Day and updated in the May 2026 Capital Markets Webinar, is delivering strong NAV growth, as demonstrated in the recently announced uplift of c 16% to the NAV[1];
·	the market has started to recognise the progress being made, with GRID delivering significant share price returns over the past twelve months, notable within the renewables and infrastructure sectors; and
·	there is a lot more growth to come which is yet to be recognised in the NAV, with further augmentation, longer-duration new-build and broadening revenue streams, as highlighted in the recent Capital Markets Webinar. These are well progressed but not yet in the reported NAV.

The Board will, as always, continue to focus on maximising value for shareholders as a whole and continues to welcome investor engagement as the Company progresses along its growth journey.  The Company is due to report its interim results on 23 September 2026 in which it will update the market on its financial results and the outlook for the remainder of the year.

ENDS

For further information, please contact:

Gresham House Energy Storage Fund plc
John Leggate David Stevenson	Via FTI Consulting (see below)
Rothschild & Co      Alex Midgen     Emmet Walsh Murray Yuill	[phone]

Jefferies International Limited
Dai Clement	[phone]
Gaudi Le Roux
Paul Bundred

Peel Hunt
Luke Simpson	[phone]
Huw Jeremy
FTI Consulting LLP (for the Board)
Ed Berry Edward Knight	[phone]

KL Communications (for the Manager & Portfolio)	[e-mail]
Charles Gorman	[phone]
Henry Taylor

JTC (UK) Limited as Company Secretary	[e-mail]
Ruth Wright	[phone]

LEI: 213800MSJXKH25C23D82

About the Company and the Manager

Gresham House Energy Storage Fund plc aims to invest in a diversified portfolio of utility-scale battery energy storage systems (known as BESS) located in Great Britain and internationally. The Company seeks to provide investors with the prospect of capital growth through the re-investment of net cash generated in excess of its target dividend in accordance with the Company's investment policy.

Gresham House Asset Management Ltd is the FCA authorised operating business of Gresham House Ltd, a specialist alternative asset manager. Gresham House is committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.

www.greshamhouse.com

Definition of utility-scale battery energy storage systems (BESS)

Utility-scale battery energy storage systems (BESS) are the enabling infrastructure that will support the continued growth of renewable energy sources such as wind and solar, essential to the UK's stated target to reduce carbon emissions. They store excess energy generated by renewable energy sources and then release that stored energy back into the grid during peak hours when there is increased demand.

DISCLAIMERS

This announcement has been prepared for information purposes only. This announcement does not constitute a prospectus relating to the Company and does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for, any shares in the Company in any jurisdiction nor shall it, or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract therefor. The merits or suitability of any securities must be independently determined by the recipient on the basis of its own investigation and evaluation of the Company. Any such determination should involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of the securities.

This announcement may not be used in making any investment decision in isolation. This announcement on its own does not contain sufficient information to support an investment decision and investors should ensure that they obtain all available relevant information before making any investment. This announcement does not constitute or form part of and may not be construed as an offer to sell, or an invitation to purchase or otherwise acquire, investments of any description, nor as a recommendation regarding the possible offering or the provision of investment advice by any party. No information in this announcement should be construed as providing financial, investment or other professional advice and each prospective investor should consult its own legal, business, tax and other advisers in evaluating the investment opportunity. No reliance may be placed for any purposes whatsoever on this announcement or its completeness.

The information and opinions contained in this announcement are provided as at the date of the announcement and are subject to change without notice and no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained in this announcement and no responsibility, obligation or liability or duty (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company, the Manager or any of their affiliates or by any of their respective officers, employees or agents to update or revise publicly any of the statements contained in this announcement. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this announcement or on its completeness, accuracy or fairness. The document has not been approved by any competent regulatory or supervisory authority.

Any investment in the Company is speculative, involves a high degree of risk, and could result in the loss of all or substantially all of an investment in the Company. Results can be positively or negatively affected by market conditions beyond the control of the Company or any other person. There can be no assurance that any targeted returns will be achieved or that the Company will be able to implement its investment strategy or achieve its investment objectives. There is no guarantee that any such returns can be achieved or can be continued if achieved, nor that the Company will make any distributions whatsoever.

The information in this announcement may include forward-looking statements, which are based on the current expectations, intentions and projections about future events and trends or other matters that are not historical facts and in certain cases can be identified by the use of terms such as "may", "will", "should", "expect", "anticipate", "project", "estimate", "intend", "continue", "target", "believe" (or the negatives thereof) or other variations thereof or comparable terminology. These forward-looking statements, as well as those included in any related materials, are not guarantees of future performance and are subject to known and unknown risks, uncertainties, assumptions about the Company and other factors, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur and actual results may differ materially from those expressed or implied by such forward looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements.

Each of the Company, the Manager and their affiliates and their respective officers, employees and agents expressly disclaim any and all liability which may be based on this announcement and any errors or omissions from this announcement.

No representation or warranty is given to the achievement or reasonableness of future projections, management targets, estimates, prospects or returns, if any. Any views contained in this announcement are based on financial, economic, market and other conditions prevailing as at the date of this announcement. The information contained in this announcement will not be updated.

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[1] NAV per share rose to 131.30p as of 30 June 2026 versus 113.34p as of 31 Dec 2025

 

END