Latest news with #GoreStreet
Globe and Mail
22-07-2025
- Business
- Globe and Mail
GridBeyond Leads Optimization of 200MW Energy Storage Site in California
GridBeyond, a global leader in smart energy management, and Gore Street Energy Storage Fund plc (LSE: GSF), a leading international energy storage investment fund, over the summer began operating the Big Rock Battery Energy Storage System (BESS) in El Centro, California. Bringing Big Rock live involved a large team of over 20 people coordinating across multiple countries and time zones, comprising data scientists, regulatory analysts and industrial control engineers. At 200 MW / 400 MWh, it is the largest asset managed by Gore Street Capital and GridBeyond and will dispatch power to roughly 200,000 homes in Southern California during peak times. 'This is an enormous battery system and an important source of resiliency to the state of California,' said Sean McEvoy, President of North America at GridBeyond. 'As CAISO's daily Regulation Up/Down requirement is often around 500MW-1200MW in total, this resource alone can provide up to 15%-40% of the state's Regulation Services needs in certain hours.' To ensure maximum return on investment and grid impact, GridBeyond was selected to provide trading and optimization services for the Big Rock BESS. Central to its offering is GridBeyond's proprietary AI-based Bid Optimizer, which matches market price forecasts with real-time battery performance simulations to drive optimal bid strategies in the CAISO market. 'We are pleased to partner with a high-quality counterparty like GridBeyond on this landmark project, being able to capture revenues which outperform the market and tolling has been demonstrated by Gore Street for many years,' said Alex O'Cinneide, CEO of Gore Street Capital. 'Big Rock is not only a critical part of California's energy infrastructure, but also a strong example of our ability to deliver for investors at scale and across multiple international markets.' The Big Rock BESS is underpinned by a 12-year fixed-price Resource Adequacy (RA) contract, valued at over USD 165 million over its term. Operated under this RA contract—secured by a Goldman Sachs subsidiary in October 2024—the facility is positioned to generate up to c.40% of its total project revenue through RA payments alone. The facility also benefits from stackable market participation, enabling it to tap multiple revenue streams, including energy arbitrage and ancillary services, as well as the RA contract. The project comes shortly after GridBeyond began commercial operations of the PORT battery in Kanto Japan and in anticipation of three additional battery projects achieving COD in ERCOT (Texas) later this summer.
Daily Mail
16-07-2025
- Business
- Daily Mail
RM Funds launches attack on Gore Street Energy Storage Fund in bid to oust directors
A multi-million-pound investment trust has found itself embroiled in a fight with a major investor which is seeking to overhaul its board following a slump in the share price. The Gore Street Energy Storage Fund, which invests in massive battery projects in the UK and other countries such as the US and Germany, is listed on London's main stock market and is worth £323m. But RM Funds, the firm's second-largest investor, launched an attack on the business on Wednesday evening, calling a shareholder meeting to oust two of its directors and install hand-picked replacements after private talks between the two sides broke down. In a statement to the stock market on Wednesday evening, RM accused Gore Street's board of presiding over a 'sustained underperformance' in the share price, which has fallen 46pc over the last three years, as well as citing 'ongoing concerns' about the firm's governance and strategy. The fund manager, which holds a 5pc stake in Gore Street, said it had been in talks with the company for over six months but its proposals for a boardroom overhaul had been rejected, leaving it with 'no choice' but to table a shareholder meeting. RM has called for two of the firm's non-executive directors, Patrick Cox and Caroline Banszky, to be removed and replaced with its own nominees in order to 'restore shareholder confidence.' It has also proposed that Gore Street sell some of its assets and appoint advisors to evaluate options for a potential sale or merger of the business. 'RM believes a refreshed board - unconnected to past strategic decisions - is best placed to lead a credible, independent review of the company's options,' the fund manager said. Gore Street did not respond to a request for comment. The assault means Gore Street now joins a growing list of London-listed investment trusts that have found themselves under pressure from activist investors. Late last year, seven trusts found themselves under attack from US hedge fund manager Boaz Weinstein, who called on investors to oust the boards of their respective trusts and appoint himself and his allies in their place. In the end, shareholders rejected his campaign with votes at all seven trusts ending in defeat for Weinstein's firm Saba Capital.
