Gore Street Energy Storage Fund PLC (LON:GSF) has raised £135mln from a placing of new shares at 102p.

The fundraise, which doubles the industrial battery specialist’s market value, has been earmarked for the acquisition of an 80Mw project and expanding capacity at its Republic of Ireland assets to 90Mw.

Alex O’Cinneide, chief executive of the company’s investment manager, said: “We are delighted that we once again have had such strong demand for our fundraising from both institutional and retail investors, the scale of which almost doubles our market capitalisation.

“We believe this reflects the widespread understanding of energy storage’s ever-increasing role in national energy security and Gore Street Capital’s role as the leading investment manager in this unique sector at a time when there has never been a more attractive macro environment for investment in the asset class.

“As we approach our third anniversary, we are very proud of the growth of the company. Gore Street has grown its portfolio from 6MW to 440MW, now the largest energy storage portfolio available to a financial investor and in parallel we have delivered on our promises to investors on a sector-leading dividend, portfolio returns and diversification.”

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