A battery storage developer has secured a £20 million loan to develop its planned pipeline of projects in the UK.

Eelpower CEO Mark Simon said receiving the finance from Gravis Capital Management demonstrates the growth potential of the market and added it would help the firm with its aim of installing a 150MW battery storage portfolio.

The company already has a 10MW battery providing frequency response services near Lincoln and installed a number of units at a hydropower scheme in Yorkshire last month.

Wind power giant Ørsted has announced plans to build and operate a battery storage project in the UK.