Nidec announces investment in Gore Street Energy Storage Fund PLC, an operator of battery energy storage systems, for strategic partnership through Nidec’s subsidiary.
Nidec Corporation (TOKYO: 6594; OTC US: NJDCY) (the “Company” or “Nidec”) has announced that we will complete an investment of 15.8 million GBP in Gore Street Energy Storage Fund PLC (“GSF”), an investment trust fund that operates an energy storage system business, through the Company’s subsidiary, Nidec Motor Corporation (“NMC”), on December 19, 2023 (US time).
1. Fund Profile
| (1) | Company name | Gore Street Energy Storage Fund PLC | ||
| (2) | Listing | London Stock Exchange | ||
| (3) | Headquarters | London | ||
| (4) | Foundation | 2018 | ||
| (5) | Business manager | CEO Alex O’Cinneide CFO/CIO Suminori Arima | ||
| (6) | Business content | Distribution of investment returns obtained from the operation of energy storage systems | ||
| (7) | Operational portfolio | UK 40%, Republic of Ireland 40%, U.S. 10%, Germany 10% | ||
| (8) | Total assets | 543.3 million GBP as of September 30, 2023 | ||
| (9) | Operational capacity | 371.5 MW as of December, 2023 |
2. Purpose of the Investment
By forming a strategic partnership in the rapidly-growing energy storage system market with GSF, an existing customer of ours, Nidec shall be guaranteed participation in the bidding process for GSF’s future battery energy storage systems. This pipeline will include 360 MW of projects which GSF has already announced over the next five years. Nidec has a significant presence in the European BESS market with 2,725 MW installed as of the first half of fiscal year 2023, and is planning to expand its business outside of Europe. GSF is also strengthening its portfolio, targeting markets around the world outside of its current Europe-oriented portfolio, aligning with our strategy.
3. Effect on Financial Performance for the Current and Next Fiscal Year
The transaction is expected to have no significant impact on the Company’s consolidated financial performance for this fiscal year ending March 31, 2024. If necessary, the Company will make additional disclosure on a timely basis in accordance with the rules of the Tokyo Stock Exchange upon determination of further details.
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Nidec announces investment in Gore Street Energy Storage Fund PLC, an operator of battery energy storage systems, for strategic partnership through Nidec’s subsidiary. source
