Domestic energy storage company Powervault has launched the second generation of its energy storage system, to prepare for the introduction of smart tariffs.

Powervault said the new system will extend the benefits of cheap power already experienced by customers with solar PV and economy 7 tariffs by automatically charging when power is cheap and storing the energy for use at peak times.

The systems are also equipped with an emergency power socket to keep essential equipment running in the event of a blackout.

The company has also announced its third round of investment on equity crowdfunding platform Crowdcube to accelerate the roll-out of its new products.

It is aiming to raise £1 million in this latest round with ambitions to sell 50,000 units by 2020 in the UK, and has already reached more than £500,000.

Powervault managing director Joe Warren said: “Our new products will allow customers to seize the opportunities of the smart power revolution.

“Smart tariffs plus storage will allow them to slash their power bills by buying electricity off-peak, and there will also be opportunities to benefit from helping the national grid to store and use more of the solar or wind energy that it generates.”

Powervault’s first fundraising campaign broke a world record in 2014 by raising £150,000 of seed funding in just eight hours.

Last year it raised a further £750,000 in three and a-half days.

Domestic energy storage rival Tesla is also expected to launch an energy storage system in the UK this year.

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