Gore Street Energy Storage Share Discussion Threads

[bagpuss67] 24/10/2023 14:50

DG9 even worse management!

[waterloo01] 24/10/2023 14:29

I'm closer t 25% down. Normally I'd bail at -20% but I've added again as I don't see it as justified. They have real assets which have value and earn real income! Yield currently over 11%

[cc2014] 24/10/2023 14:23

You're not alone Waterloo

I have read all the RNS's, read the presentation, understood the investments, timelines, have researched both the current and future revenue stream and the likely debt costs.

I am confident in my investment, although a bit frustrating that I appear to have overpaid by 5%

I cannot be bothered to enter the debate with some of the posters on here and I suspect there are many others like me. Some of the posts are just a rant and some others are factually incorrect.

[waterloo01] 24/10/2023 14:04

I seem to be the lone voice who thinks the management are doing OK, even if the share price isn't. Today is another brick in the wall and as advertised of funding further growth without recourse to shareholders. What's the discount to NAV now? Currently discount is 40.5% to recent NAV

As suggested sometime back, the discount might make them a target.

[tayle] 24/10/2023 13:59

Sp is more or less back where it was before the last statement saying can't see any reason why share price should be down in the doldrums !

[cocopah] 24/10/2023 13:50

Another significant midday drop in the share price. Good Lord I think the market really is convinced that this BOD has no clue what it’s doing!

How on earth can they release details about their new borrowing agreement without identifying the interest rate they have committed to paying?

It’s also high time that they received some external help so that they can communicate exactly why connectivity is being pushed back and what they are doing about it.

They need to be upfront about the income they are currently receiving (since the last financial update) and not showing-off by quoting how much income is receiving on one-off busy days AND they need to be very clear on when the dividend will be covered.

I am becoming more convinced that senior leadership teams in companies like this need to sit some sort of examination before they can be authorised!

[brucie5] 24/10/2023 09:22

Well I have no idea whether this is more good than bad, the other way round, or by how much... And neither, it seems does the market, which continues to accord little value to the dividend.

[cc2014] 24/10/2023 08:43

It's usual that IT's aren't able to raise huge amounts of money. It's only in the ZIRP era when the central banks were printing crazy large amounts of money things changed.

Things have reverted to normal now.

[waterloo01] 24/10/2023 07:40

"There was no chance of raising equity so they have had to borrow."

At the risk of being called a prat....they had stated numerous times that the US would be financed at a project level, not via equity.

[cocopah] 24/10/2023 07:39

Always smoke and mirrors with this CEO … investors want visibility on costs and income. Don’t get me wrong debt finance is generally more welcome than dilution but it’s an incomplete story … a bit like the whining they did about the market having the share price wrong without backing-up their claims with solid numbers. 🫣

[scruff1] 24/10/2023 07:34

The salient point being 'once the project becomes operational'. If its owt like Stony its not going to be in the predicted 2024. There was no chance of raising equity so they have had to borrow. Increasing the revenue stream asap is now critical is it not?

[bagpuss67] 24/10/2023 07:26

Nothing about key terms of finance?

[rik shaw] 24/10/2023 07:13

$60 Million Finance Facility for 200MW California Project

Gore Street Energy Storage Fund plc, the internationally diversified energy storage fund, is pleased to announce that Big Rock ESS Assets, LLC, GSF's 100% subsidiary and owner of the 200MW / 400MWh Big Rock project in California, has secured an initial $60m loan financing from First Citizens Bank. The loan will be used to fund the remaining capital costs of the Big Rock project, which, to date, has been funded with GSF equity. The loan allows GSF to allocate capital to other portfolio projects and to maintain its portfolio diversification standards. The loan is for an initial 3-year term and is expected to be refinanced with longer-term project finance once the project becomes operational.

[eggbaconandbubble] 23/10/2023 15:07

Alan. Thank you

Waterloo. Prat!

[alan pt] 23/10/2023 12:32

It happens... Have a look at this global data:
hxxps://storagewiki.epri.com/index.php/BESS_Failure_Event_Database

Looks scary? Well, now look at this pipeline incident data, for just the USA:


Battery storage fires are very rare, but well reported

The reason you see the "shipping containers in the middle of a field" pictures of new installations is that you can just contain a fire to one unit and let it burn itself out, minimising actual losses

(edited to fix the pipeline data link)

[waterloo01] 23/10/2023 11:28

? That's a bit like saying you won't invest in airlines as sometimes planes crash.

[scruff1] 19/10/2023 16:02

Got a lot of sympathy with your last sentence especially. I think its poor management of investor relations that has severely damaged confidence in the outlook for GSF. And as everyone knows confidence is critical for the markets.
Its understandable that deadlines arent always met for any number of reasons. But its not hard to keep investors informed of such. Its not hard either to reassure investors when the share price drops dramatically that there is no reason known to the board for such a movement. They did neither whether or not that was a major part of the reason large numbers of investors have sold up and scarpered. Only the company/management can restore confidence. Ive been dithering for a few weeks now whether to sell up or buy more. I probably would have done the latter but I no longer feel confident in the management so I will sit on my hands until confidence is restored or gets shot through completely. If there are any positives its that the share price seems to have been a tad more resilient in recent days

[tayle] 19/10/2023 11:12

When you buy shares you become a part owner in that business, what a load of guff,the sense of fear from investors was palpable but no investor information forthcoming. I sold out the day before the announcement about the share price dive. If the share price is pummelled day after day week after week for no real reason, how long before it eventually breaks ? I hope those rushing in to buy the shares get good returns on their investment but with me once that confidence in the board is lost that's it curtains for me.

[waterloo01] 18/10/2023 14:15

Some read across



"We are grateful to ESO for its commitments to improve utilisation of batteries and pleased to see the release of their new system brought forward. We continue to support and engage with ESO on the implementation of their workflow.



As renewable generation increases, ESO needs batteries to ensure its flexibility requirements are met, as well as to meet its publicly stated goal of being able to operate a carbon-free grid by 2025. We are encouraged that ESO's prime incentive is to make these system improvements to meet its own objectives, and not simply to accommodate BESS operators.



Separately, we are pleased to see ESO progress also being made to unlock grid connection bottlenecks. These were discussed at ESO's separate event in London covering the prioritisation and acceleration of grid connection dates for new BESS projects, following the recent Government announcement1."

[scruff1] 17/10/2023 09:46

CC2014
Just about sums it up - though its not a cheerful read !

[cocopah] 17/10/2023 09:31

Two issues pointed out by analysts who are detractors … opaqueness about developments coming on-line and clarity on total income … I agree with both issues!

[cc2014] 17/10/2023 09:30

The problem is the UK has built too much battery storage too fast on the back of ZIRP.

Today HEIT announced their Bumpers project is energised which is the largest in Europe. They've just added another 150Mw

GSF fortunately (and by design)have over half their batteries outside the UK and whilst they are making great money outside the UK, the UK will be a drag until such time as more renewables come on line.

In the meantime GSF should bin their future projects in UK and put the money to work elsewhere.

It would be helpful if GRID and HEIT did the same but no sign of that. Those two funds seem intent on building as much as they can with complete disregard for their investors. In particular GRIDs's future pipeline currently looks crazy given the cost of funding and their share price is reflecting that.