UK-based investment firm Gore Street Energy Storage Fund has unveiled plans to raise GBP100 million ($139m) in an initial public offering to invest in utility-scale energy storage projects.
Gore Street said it would raise funds on the main market of the London Stock Exchange to invest “mainly in the UK”— but would also consider projects in North America and Western Europe.
The company said it has a current pipeline of more than 60 potential projects representing a combined 1.3 million megawatts of capacity.
Gore Street will focus on projects mainly in the UK, but said it will also consider projects in North America and Western Europe.
On technology, the investment firm said it currently intends to invest “primarily in energy storage projects using lithium-ion battery technology”. However, the company said it is “ultimately agnostic as to which energy storage technology is used by its projects and will monitor projects with alternative battery technologies such as sodium and zinc derived technologies, or other forms of energy storage technology such as flow batteries/machines and compressed air technologies”.
Gore Street Capital was founded in 2013 by Alex O’Dinneide, the former investment head at Masdar— Abu Dhabi’s $15bn renewables arm.
Gore Street’s IPO offer closes on 6 April and details of the issue will be released on 10 April.