Asset management firm Gresham House has secured £100 million for its energy storage fund to trade on the London Stock Exchange.

Net proceeds will be used to purchase a portfolio of five fully-operational battery storage facilities with a combined capacity of 70MW.

The company said that the portfolio of utility-scale energy storage systems across Britain will be acquired for a consideration of £57.22 million.

These assets provide services to the National Grid to support grid stability as well as delivering the infrastructure required to enable Britain’s increasing reliance on intermittent sources of renewable energy, such as wind and solar.

In October, Gresham House announced plans to launch the fund to invest in utility-scale energy storage. Originally, the company had expected to raise £200 million through the float.

Gresham House CEO Tony Dalwood said: “We are pleased to have raised £100 million against a backdrop of volatile markets. Gresham House Energy Storage Fund Plc provides our clients with access to a new and innovative, fast-growing sector and is highly complementary to solar and wind investments.”

Dalwood added: “We now have a strong platform from which to grow a substantial ‘institutional scale’ fund.”

The fund will be managed by the new energy division of Gresham House Asset Management.