CAMBRIDGE, Mass.-- (BUSINESS WIRE)--Malta Inc., a leader in long-duration energy storage, today announced that it has closed on a round of financing provided by a group of investors including Siemens Energy Ventures and Alfa Laval as well as existing shareholders Breakthrough Energy Ventures, Proman, Chevron Technology Ventures, and Piva Capital.
Malta's innovative long-duration energy storage technology stores electricity as thermal energy from eight hours to eight days or longer, later returning it to the grid to meet hourly, daily, and weekly needs.
Christian Bruch, President and CEO of Siemens Energy, said, “ Malta's innovative thermoelectric energy storage system offers a flexible, cost-effective and scalable solution for the storage of energy over long periods of time. With our support, Malta is well positioned to be the first company to commercialize such a solution globally.
Malta's system also achieves a power-to-power charge/discharge round-trip efficiency (RTE) of up to 60%, which is about 50% higher than other thermal storage systems without heat pump charging.
“We are honored to partner with the DLR Institute of Engineering Thermodynamics as a leader in the field of thermal storage plants, to explore how Malta's pumped thermal energy storage technology can accelerate Germany's power and heat transition from fossil fuels to renewable energy.
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