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Malta Inc has announced it has raised $50 million in a Series B round of funding. The financing was led by integrated energy group Proman with participation from new investor Dustin Moskovitz and existing investors Alfa Laval and Breakthrough Energy Ventures.
The Malta Pumped Heat Energy Storage (PHES) system leverages thermodynamic systems in an energy storage application. The PHES system converts electricity from any source, either directly from a generation facility or from the grid, to be stored as thermal energy. The Malta system is able to store up to 200 hours of energy storage, though early systems will focus on current market applications in need of 10- to 12-hour durations. In addition to dispatchable renewable energy,
Malta’s PHES technology generates heat for industrial and district heat applications. Malta is a developer of grid-scale long-duration thermal energy storage solutions. Incubated at X, the Moonshot Factory (formerly Google [X]), Malta is based in Cambridge, Massachusetts.
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