Asset management firm Gresham House has raised £15.3 million through a second share issue for its newly-formed energy storage fund.
A total of 14.6 million shares were sold at a price of 105p each. The fund has now secured £164 million from investors, including £100 million from its initial public offering in the second half of 2018.
John Leggate, chairman of Gresham House Energy Storage Fund, said: “The board would like to thank investors for the significant support they have shown.
“The company is building the firepower to become a very significant player in energy storage and thereby support the migration towards a lower-carbon economy.”
The fund is eventually aiming to raise £200 million in total and may issue as many as 36 million additional shares between now and 16 October over multiple placings.
It has already invested more than £57 million in a portfolio of five utility-scale energy storage facilities with a combined capacity of 70MW.
Gresham House also manages two renewable energy funds.