A British technology start-up company has raised £700,000 to fund its plans for home energy storage systems.

London-based Powervault’s technology will allow householders to store electricity generated from solar panels, claiming it coul help reduce energy bills by up to 15% and cut carbon by 0.3 tonnes every year.

It is partnering with solar companies to sell systems between 2kWh and 4kWh, with an installed price of £2,000 to £2,800.

Managing Director Joe Warren said: “This is a state-of-the-art, British designed product which will cut homeowners’ electricity bills, increase their energy security and help the UK cut carbon emissions.

“We’re already making sales and we aim to be a household name in five years, making a significant impact with products in 50,000 homes around the country.”

The technology is the British answer to electric car manufacturer Tesla’s wall-mounted battery which was unveiled last month.