Gore Street has released its full-year results for the previous year. Image: Anesco

Energy storage fund investment manager Gore Street has released its full-year results, highlighting the way internationalisation allowed it to weather plummeting revenues in the UK.

Gore Street Energy Storage Fund plc, which trades under the GSF ticker, owns battery energy storage system (BESS) projects in the UK, Ireland, Germany and the US.

As our sister site Energy-Storage.news reported in May, the firm saw a 5% increase in revenues in the year to 31 March 2024, largely down to its diversification with the projects in Ireland and Texas offsetting falls in the UK and Germany.

In its full audited results, it confirmed the £41.4 million (US$53.7 million) revenue figure for the year and revealed that operational EBITDA grew 2.5% to £28.4 million, finishing the year with £60.7 million in cash or equivalents and £58.6 million in debt.

Despite growth in operational capacity, net asset value (NAV) at the end of the period was £540.7 million, down 3% from a year prior, while NAV per share was down 7.5%, to 107 pence.

Energised capacity increased by 45% over the period to 421.4MW. A further 332MW of projects are expected to be energised over the next seven months.

CEO of Gore Street Capital Dr Alex O’Cinneide said: “I’m proud to report the Company continued to achieve growth while demonstrating leadership and resilience during an extremely turbulent period. The international portfolio continued to deliver consistent average revenue of £15.1 per MW/hour through best-in-class operational performance and capital management.”

The company’s internationalisation has helped it weather falling UK revenues. Harmony Energy Income Trust (HEIT) and Gresham House Energy Storage Fund (GRID) only have operational projects in the UK, and both have scrapped dividends for the year recently.

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