IN BRIEF: Gresham House Energy Storage partners with Sumitomo venture

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Gresham House Energy Storage Fund PLC - invests in utility-scale battery energy storage systems - Enters ‘strategic partnership’ with Summit Transition Partners, a joint venture between Japan’s Sumitomo Corp and Taiwan’s TPK Holding Co Ltd. Sumitomo is a trading and investment conglomerate, while TPK makes touchscreen technology for automobiles and consumer electronics. Under the agreement, STP will buy a 25% equity stake in the first three projects in Gresham House Energy Storage’s pipeline: Cockenzie, Monets Garden and Elland 2. It also will have exclusivity to buy 25% of two other projects, Lister Drive and Ocker Hill. The company doesn’t provide financial details but says the majority of the consideration for the investments will be paid at completion next week.

Current stock price: 80.29 pence for £456.9 million market capitalisation

12-month change: up 20%

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