US-based long-duration energy storage provider – Malta raises funding

US-based Malta Inc., a provider of long-duration industrial-grade, grid-scale energy storage solutions, raised US$ 50M in a Series B round of funding on 25 February 2021.

Investors: The Series B funding round was led by integrated energy group Proman with participation from new investor Dustin Moskovitz and existing investors Alfa Laval and Breakthrough Energy Ventures.

About Malta

Founded in 2018, Malta is a developer of grid-scale long-duration thermal energy storage solutions. Malta is based in Cambridge, Massachusetts. Its electro-thermal energy storage system is a new grid-scale technology that collects and stores energy for long durations. Energy can be stored from any power generation source in any location, be it wind, solar or fossil fuels. This enables reliable and predictable operation of the grid.

The Malta Pumped Heat Energy Storage (PHES) system uses thermodynamic systems in a novel energy storage application. It converts electricity from any source, to be stored as thermal energy. Malta believes that its innovative application of well-established technologies will help to accelerate the roll-out of long-duration storage and support the transition to fully dispatchable renewable energy.

What the CEO has to say: “Our goal continues to be to create a scalable storage solution that will accelerate the expansion of renewable energy while improving grid stability and resilience. We are gratified by our investors’ recognition of our achievements and their confidence in our ability to execute on this exciting new phase.” — Ramya Swaminathan, CEO of Malta Inc.

What investors have to say: “There is an exponential global need for long-duration, low-cost energy storage solutions, and we are excited to work with the Malta team and our new partners to progress Malta’s highly scalable and technically robust solution.  Alongside our investment, Proman will bring complementary design, engineering and construction expertise to the Malta PHES technology as we begin work with Malta on a commercial scale plant.” — David Cassidy, Chief Executive of Proman.

“The promise of fully dispatchable renewables is dependent on long-duration energy storage solutions. We are excited about the progress the team at Malta has made and the impact this system will soon have on reducing carbon emissions globally.” — Carmichael Roberts of Breakthrough Energy Ventures.

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