Glassenbury £8.6mn Equity Funding at Project NAV

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU 596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.

24 June 2025

Gresham House Energy Storage Fund plc

("GRID" or the "Company")

Glassenbury £8.6mn Equity Funding at Project NAV[1]

Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest listed fund investing in utility-scale battery energy storage systems (BESS), is pleased to announce that it has successfully completed a third-party equity funding of £8.6 million in Glassenbury Battery Storage Ltd. The funds will be used to finance the augmentation of its combined 50MW Glassenbury projects ("Projects") to 110MWh, a 2.2-hour duration.

The funds have been raised through a new equity issuance at a valuation equal to the Projects' Net Asset Value1. This completes the transaction first announced at GRID's Capital Markets Day in November 2024.

Transaction details

Glassenbury Battery Storage Ltd ("Glassenbury"), which owns the Glassenbury A (40MW) and Glassenbury B (10MW) projects in Hartley, Kent, and was indirectly 100% owned by GRID prior to this transaction, has issued new shares to UAB E Energy Invest ("EEI"). Following this transaction, EEI will own 35% of Glassenbury and GRID will continue to indirectly own the remaining 65%.

EEI is the investment vehicle of the Strioga Family Foundation, which has evolved from the 30-year family-owned business E Energija, a renewable energy company with the mission to finance and foster the sustainable growth of renewables to fight climate change. Further information on the Strioga Family Foundation and E Energija is detailed at the end of this announcement.

Proceeds from the equity funding will be used to increase Glassenbury's battery capacity from 38MWh to 110MWh, an average duration of 2.2 hours. Planning permission has been granted, and construction and battery supply agreements are due to be signed shortly. GRID expects construction works to begin in early July and they are due to complete in December 2025.

Once completed, Glassenbury's augmentation is expected to increase GRID's share of the EBITDA from this project by c.22% over the project's life. The pre-money valuation at which shares have been issued reflects the valuation as of 31 December 20241, which was reflected in GRID's audited NAV at that date.

Consequently, deal completion and site augmentation is expected to provide a net present value uplift to GRID. This will be reflected in the Company's 30 June 2025 NAV, which will be published in September 2025.

John Leggate CBE, Chair of Gresham House Energy Storage Fund plc, commented:

"We are delighted to close this deal with EEI to invest equity into Glassenbury. This transaction is believed to be the first augmentation-driven equity injection at project level for a listed BESS fund. The funds from this transaction will be used to augment one of our shortest duration assets to over two hours, substantially increasing the value of Glassenbury. This unlocks an innovative path to raising equity funds at a project level for GB BESS and supports GRID's continued progress in delivering on our declared growth strategy. Most importantly this approach will create further value for our shareholders."

Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc & Managing Director of Gresham House Energy Transition, said:

"We are very pleased to complete this transaction with EEI. Equity injections at a project level are an effective way to enable augmentation of projects and create significant value. Selling a stake in a project at NAV to an independent third party also underpins the up-to-date valuation of GRID's portfolio.

Funding the augmentation of our Glassenbury projects to over two hours will significantly increase these projects' revenues and the value attributable to GRID's shareholders, benefits which will begin to be reflected within our 30 June 2025 NAV.

This is a signpost for further value creation: upon completion of GRID's debt refinancing, due soon, we will embark on another seven augmentations in 2025 and early 2026, funded through the refinancing, which together, we believe, will add meaningfully to the portfolio's EBITDA and value in absolute and per share terms."

For further information, please contact:

About the Company and the Manager

Gresham House Energy Storage Fund plc seeks to provide investors with an attractive and sustainable dividend over the long term by investing in a diversified portfolio of BESS located in Great Britain and internationally. In addition, the Company seeks to provide investors with the prospect of capital growth through the re-investment of net cash generated in excess of the target dividend in accordance with the Company's investment policy.

The Company targets an unlevered Net Asset Value total return of 8% per annum and a levered Net Asset Value total return of 15% per annum, in each case calculated net of the Company's costs and expenses.

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

www.greshamhouse.com

About the Strioga Family Foundation

The Strioga Family Foundation has been founded to finance renewable energy projects, particularly those involving wind and BESS. It aims to bridge funding gaps, enabling projects to achieve operational readiness and scale the impact of the Strioga Family Foundation in promoting sustainable energy solutions and addressing climate change challenges. The foundation has dedicated 100 million euros for investments into renewables during the upcoming years.

About E Energija

E Energija is a renewable energy project developer, headquartered in Vilnius (Lithuania), scaling its renewable energy project portfolio across the Baltic region and Poland. The group has completed over 500 MW of wind, biomass and PV projects and has a pipeline of another 500 MW of wind, hybrid and BESS projects under development with the largest privately financed battery energy storage system in Lithuania, the 120 MWh Vilnius BESS, to be launched by the end of 2025.

More information at www.e-energija.lt

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.

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