Gore Street Energy Storage Fund (GSF) has appointed Norman Crighton as non-executive director of the company, among other changes to the composition of its board of directors and the appointment of Alexa Capital as sell-side advisor.
Alexa Capital will advise GSF on the sales process for its 22MW/28MWh Cremzow battery energy storage system (BESS) in Germany, in which the company acquired a 90% stake in 2022.
The firm will also advise on the sale of other, as yet undisclosed, pre-construction assets in GSF’s portfolio.
GSF announced further changes to its board, with Norman Crighton appointed as the company’s new non-executive director and joining the Audit Committee, the Management Engagement Committee and the Remuneration and Nomination Committee.
Crighton was previously non-executive chairman of Harmony Energy Income Trust (HEIT), the previously listed income trust established in July acquired by Foresight Group, which took the fund private.
The sale of HEIT’s UK portfolio raised questions about the viability of listed funds for BESS assets. At the time it was aAn anonymous source from BESS developer told our sister site Energy storage.news That HEIT’s problems, which led to its sale, have raised questions about whether these funds are the best way to raise money for BESS projects in the market.
The changes to GSF’s board also include the appointment of Angus Gordon Lennox as a non-executive director, who previously worked as a business broker and is now chairman of ‘private family businesses’.
Following the publication of GSF’s interim report, two non-executive directors will leave the board and the company’s current chairman, Patrick Cox. Non-executive director Caroline Banszky will not seek re-election at next year’s annual general meeting, and currently expects to leave after the company’s annual results are announced in July 2026.
These changes all come after Edinburgh-based RM Funds, a shareholder in GSF, requested a review of GSF’s board after “persistent underperformance”.
Over the past three years, GSF’s share price has fallen by almost 47% and trades at a discount of around 37% to its net asset value (NAV).
RM proposed the appointment of Brett Lance Miller and Ian Marcus Dixon, both of whom have “significant expertise” in investment companies and infrastructure assets, to replace Cox and Banszky.
