Shares in Gore Street Energy Storage Fund fell about 6.7% after the battery storage investor reported a steep decline in net asset value (NAV).

NAV fell to 74.9 pence per share at 31 March from just under £1.03 a year earlier in 2025, while total NAV declined to £378.3m from £519.3m. The London-based investment company, which invests in utility-scale battery energy storage systems, blamed the fall on lower independent merchant revenue forecasts.

Revenue increased to £36.3m from £32.8m as operational capacity expanded significantly, although operational earnings slipped to £18.0m amid weaker market conditions in the UK and Texas.

The company said it was progressing sales of several assets, including its German Cremzow project, while upgrading two UK battery sites to increase their storage duration and revenue potential, reaffirming its strategy to unlock value through asset sales, a process that will continue, with further updates expected later this summer.

It declared total dividends of 7.19 pence per share for the year, including special dividends, and announced a fourth-quarter dividend of 1.75 pence per share.

Gore Street is now hoping it can demonstrate through actual asset sales that its portfolio is worth close to the reported NAV.

Angus Gordon Lennox, chair of Gore Street Energy Storage Fund, said: "It is clear that the growth of renewable power and energy independence will mean battery energy storage remains critical.

"However, this has clearly been a challenging period for the Company's valuation, with the majority of the decline in reported NAV due to lower revenue forecasts from third parties. We are now firmly focused on overseeing the disciplined execution of the Company's revised strategy to improve value for all shareholders."

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