Gresham House Energy Storage Fund plc announced that it has entered into a conditional agreement to acquire a 49MW battery project (the "Project") located on the Red Scar Business Park, by the Longridge Road and the M6 outside Preston. The Project is expected to be connected to the distribution network and the "G99" commissioning tests completed in December 2019. The Project is expected to generate its revenues primarily from asset optimisation (whereby it imports and exports power in order to earn income from the wholesale market and the National Grid-administered Balancing Mechanism). The Project will be acquired from Gresham House DevCo Limited and Noriker Power Limited (together, the "Developers").